In a sluggish session of mixed signs, Wall Street’s Dow Jones industrial average bucked the norm and continued its upward streak for a third straight day, closing more than 100 points higher.
In particular, in the session on Tuesday (24/1) the Dow Jones increased by 0.31% to 33,733.96 points, while on the other hand the S&P 500 fell by 0.10% to 4,015.66 points and the Nasdaq lost 0.27% at 11,334.27 units. Investors’ interest is focused on the fourth quarter corporate results, while next week is the meeting of the US central bank (Federal Reserve), which will announce its new decision on whether to raise lending rates.
It is noted that trading today in dozens of stocks was temporarily suspended after the opening of the market due to a technical problem. Among the stocks affected were Morgan Stanley, Verizon, AT&T, Nike and McDonald’s, according to the NYSE website. Many stocks appeared to have unusually large moves, which may have triggered the volatility suppression mechanism.
At the end of the day, US business activity contracted for the seventh straight month in January. The S&P Global composite PMI rose to 46.6 in January from 45 in December. Analysts had expected a rise to 46 points.
“Plunge” for oil – Gold hits a new 9-month high
Oil prices suffered heavy losses on Tuesday, with investors worried about demand for the “black gold” due to the possibility of a recession in the global economy. That sent oil retreating from two-month highs hit last week.
The March crude contract lost $1.49, or 1.8%, to settle at $80.13 a barrel on the New York Mercantile Exchange. Same-month Brent fell $2.06, or 2.3%, to $86.13 a barrel.
In contrast, gold continues its course to record highs, with the precious metal receiving a boost from the weakening dollar, but also from expectations of a slowdown in interest rate hikes by the Fed.
The gold contract for February delivery gained $6.80, or nearly 0.4%, to settle at $1,935.40 an ounce, its highest level since April 21. Silver for March delivery added 20 cents, or 0.8%, to $23.749 an ounce, while copper for the same month was down 0.2% at $4.2485 a pound.