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Wall Street is in free fall: Fifth consecutive week of losses

Wall Street is in free fall: Fifth consecutive week of losses
Wall Street is in free fall: Fifth consecutive week of losses

There is no end to the “downhill” for the US stock market, with its main indices closing in the “red” for the fourth consecutive session. The market is clearly affected by the new interest rate increase by the American central bank (Fed), as well as by the subsequent “sirens” of recession, with the “antidote” for investors still… missing.

More specifically, in Friday’s session (9/23) the Dow Jones Industrial Average fell 1.61% to 29,592.85 points, the broader S&P 500 lost 1.66% to 3,695.60 points and the tech Nasdaq slipped 1.8 % at 10,867.93 units.

On a weekly basis, the main indices of the New York Stock Exchange recorded their fifth consecutive decline. The Dow Jones is down about 4% this week, while the S&P is down 4.7% and the Nasdaq has lost 5.1%.

At the same time, the American rating agency, Goldman Sachs, revised the target price of the S&P 500 in hand, downgrading it by 700 points. In particular, the new target price for the quarter and six months, according to Goldman Sachs, is now set at 3,600 units from 4,300 units.

Oil is at an eight-month low

Oil closed below 80 dollars a barrel, at the lowest level in the last 8 months, with the frenetic rise of the US dollar working negatively for the “black gold”.

Investor fears about the coming recession and its effects are weighing on oil demand and putting crude on the heels of its first quarterly loss in two years.

Against this backdrop, Brent for November delivery fell 4.8% to $86.15 a barrel after losing $4.31, closing at its lowest level since January and losing 5.7% on the week. At the same time, the November contract for the American crude WTI closed at 78.74 dollars a barrel with losses of 5.7% or 4.75 dollars. On a weekly basis, it fell by 7.1%.

At the lowest level since April 2020 gold

Gold fell again today, affected by the strong dollar and repeated interest rate hikes by central banks. Thus, the precious metal “hit” new two-year lows and specifically closed at the lowest level since April 2020.

“Gold is being hit hard by both the strengthening of the dollar and rising yields on US government bonds, as markets estimate that interest rate hikes will continue,” said, among others, chief market analyst at CMC Markets UK, Michael Hewson.

Gold for December delivery was down $25.50, or 1.5%, at $1,655.60 an ounce, according to FactSet data. For the week, it fell 1.7%, according to Dow Jones Market Data.

Similarly, silver for December delivery fell 71 cents, or 3.6%, to $18.91 an ounce. On a weekly basis, it lost 2.4%. Finally, copper for December delivery lost 3.7% to $3.343 a pound, down 4.9% on the week.

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The article is in Greek

Tags: Wall Street free fall consecutive week losses

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