Sunday, November 28, 2021

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    Nasdaq, S & P 500 closed after reaching daytime highs, lowering prices

    After various performances were seen for most of the session, stocks were put under pressure towards closing on Monday. The Nasdaq slipped into the negative territory more firmly and the S & P 500 also fell, but the narrower Dow stuck to modest profits.

    The main average ended the mixed day for three consecutive sessions. The Dow rose 17.27 points (0.1%) to 35,619.26, while the S & P 500 fell 15.02 points (0.3%) to 4,682.94 and the Nasdaq fell 202.68 points (1.3%) to 15,854.76. ..

    Both the technology-intensive Nasdaq and the S & P 500 set new daytime highs before they fell as the day went on.

    The crowded end on Wall Street came after President Joe Biden announced his intention to nominate Jerome Powell as chairman of the Federal Reserve for the second term.

    The White House also revealed that Biden intends to appoint the current Federal Reserve Board, Lael Brainard, as Vice-Chairman of the Federal Reserve Board.

    “We still have more work to do, but in the last 10 months we have brought Americans back to work and ours. Economy It’s working again. “

    He added, “The success is the economic agenda I pursued and the Federal Reserve’s path to recovery, under Chairman Powell and Dr. Brenard, overcoming the worst recession in modern American history. I’m out. “

    Biden said he was confident that Powell and Brenard would make the economy stronger than ever by focusing on keeping inflation low, stabilizing prices and providing full employment.

    “Basically, if you want to further develop this year’s financial success, you need stability and independence in the Federal Reserve. After their trials over the last 20 months, Chair Powell and Dr. Brenard do. I am confident that we will provide the strong leadership our country needs. “

    Powell, nominated by former President Donald Trump, became chairman of the Fed in February 2018. His current term was scheduled to end in February 2022.

    Powell’s re-nomination would give the Fed stability in tackling economic recovery and rising inflation, but Brainard was seen as a more dovish choice.

    Sector news

    Software stocks fell sharply in the course of the session, dropping the Dow Jones US Software Index by 2%. The index closed at a record high in trading last Friday.

    Gold stocks also showed significant weakness, as reflected in the 1.7% decline from the NYSE Arca Gold Bugs Index.

    Weak gold inventories were created by a sharp drop in precious metal prices and a plunge in December deliveries from $ 45.30 to $ 1,806.30 per ounce.

    Semiconductor and retail stocks also showed a sharp downtrend on the day, but steel, telecommunications and banking stocks continued to show strength.

    Other markets

    In overseas transactions, stocks market During the trading on Monday, various performances were seen throughout the Asia Pacific region. Japan’s Nikkei 225 index rose 0.1% and Hong Kong’s Hang Seng index fell 0.4%.

    Major European markets also mixed and closed after showing a lack of direction in the course of the session. The UK’s FTSE 100 index rose 0.4%, while the French CAC 40 index fell 0.1% and the German DAX index fell 0.3%.

    In the bond market, government bonds have receded after a significant rise in government bonds in the last three sessions. Since then, yields on benchmark 10-year bonds, which move in the opposite direction of price, have risen 8.9 basis points to 1.625%.

    Future outlook

    A quiet day in the US economy could lead to a light deal on Tuesday before a large amount of data is released on Wednesday.

    On the earnings side, retailers Abercrombie & Fitch (ANF) Best Buy (BBY) and Dollar Tree (DLTR) are included to report quarterly results prior to Tuesday’s opening.

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    Nasdaq, S & P 500 closed after reaching daytime highs, lowering prices

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