Wed, 19 Jun 2019

U.S. stocks finish lousy week with major losses

By Jay Jackson, New York City News
08 Dec 2018, 09:41 GMT+10

NEW YORK, New York There was no hesitation on Friday, as sellers took charge sending the major indices down as much as 3%.

In what has been a torrid week, the Dow Jones recorded a weekly loss of 4.5%, the Standard and Poors 500 4.6% and the Nasdaq Composite 4.9%.

Selling bouts have held sway over most of the week, as investors dismissed prospects of a resolution on U.S.-China trade differences, despite a Trump-Xi Jinping pact hastily put together at the G20 in Buenos Aires, Argentina last weekend, and concerns over whether the Federal Reserve will continue tightening or not.

Its a crisis of confidence on the trade situation, whats going to happen there, and maybe a little bit of a crisis of confidence in the Fed, given how quickly they have got to change their tune, Walter Todd, Chief Investment Officer at Greenwood Capital Associates in Greenwood, South Carolina, told the Reuters Thomson news agency.

At the close of trading Friday, the Dow Jones industrials had shed 558.72 points or 2.24% to 24,388.95.

The Standard ands Poors dived 62.87 points or 2.33% to 2,633.08.

The tech-laden Nasdaq Composite did worst of all, losing 219.01 points or 3.05% to close at 6,969.25 Friday.

U.S. jobs growth, and wages growth both slowed in November, according to data released on Friday.

People were expecting a stronger labor market report, Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis was quoted by Reuters Thomson as saying. It was a little bit weaker on the margin but nonetheless its going to give the Fed some food for thought as they ... debate how theyre going to shape policy for the upcoming year.

The U.S. dollar fell against the euro Friday. By the close the EU unit was fetching 1.1411.

The British pound, was weaker, seeing out the week at 1.2742.

The Japanese yen was little changed at 112.63, while the Swiss franc firmed to 0.9895.

The Canadian dollar weakened to 1.3313.

The Australian dollar dropped a third-of-a-cent to finish the week at 0.7206.

The New Zealand dollar was unchanged at 0.6861.

In overseas equity markets, Londonss FTSE 100 gained ground, to close 74.06 points opr 1.10% higher at 6,778.11.

The German Dax fell 22.89 points or 0.07% to 10,788.09.

The Paris-based CAC 40 added 32.68 points or 0.68% to 4,813.13.

In Asian markets:

In Japan, the Nikkei 225 rallied 177.26 points or 0.82% to close at 21,678.68.

In Australia, the All Ordinaries added 21.20 points or 0.37% to 5,757.90.

The Shanghai Composite rose just 0.71 of a point or 0.03% to 2,605.89.

In Hong Kong, the Hang Seng fell 92.62 points or 0.35% to 26,063.76.

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