Friday, 20 April, 2018

USA stocks ended week with deep sellof on trade war worries

Dow Jones Industrial Average A Buy in April Stock market DROPS after Trump threatens $100billion tariffs on Chinese imports as trade war fears grow
Heather Davidson | 11 April, 2018, 12:42

Wall Street stocks finished sharply lower on Friday (Apr 6) after escalating threats in the US-China trade spat deepened fears of an all-out trade war.

At 12:02 p.m. ET, the Dow Jones Industrial Average .DJI was 1.46 percent at 24,617.39. The index briefly fell more than 750 points.

Fed Chair Powell, meanwhile, signalled that the USA central bank still plans to press ahead with additional interest rate hikes in 2018, a stance that also disappointed investors.

Benchmark U.S. crude dropped $1.48, or 2.3 percent, to $62.06 a barrel in NY while Brent crude, used to price worldwide oils, lost $1.22, or 1.8 percent, to $67.11 per barrel in London.

The S&P 500 on Thursday headed for its best three-day rise since President Donald Trump's election as technology and industrial shares bolstered a recovery on easing trade war concerns.

Nixon, of Northern Trust, said businesses also support the idea of making changes in America's trade relationship with China.

Analysts said the market also responded to Federal Reserve Chair Jerome Powell, who said that the US economy was growing and a turbulent stock market would not change the Fed's course to gradually raise interest rates.

Stocks were mostly unaffected by the March jobs report, which showed that the United States economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting. -China trade tensions stoked investors worries.

The yield on the 10-year US Treasury note, which has been steadily climbing as investors' inflation expectations rise, dipped to 2.78 percent after the jobs report. The two-year rate fell 4 basis points to 2.266. Heating oil lost 2 cents to $1.96 a gallon.

In other energy trading, wholesale gasoline dipped 3 cents to $1.95 a gallon. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower. The euro rose 0.4 per cent to $1.2286, the British pound gained 0.7 per cent to $1.4094, while the Japanese yen rose 0.5 per cent to 106.895.

METALS: Gold rose $7.60 to $1,336.10 an ounce. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target.

OVERSEAS: Germany's DAX was down 0.5 per cent while France's CAC-40 fell 0.3 per cent lower. The FTSE 100 in Britain lost 0.2 percent.

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