Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end mostly lower on Wednesday

23-Aug2018

US markets end mostly lower on Wednesday

The US markets ended mostly lower on Wednesday, with the Dow Jones Industrial Average and S&P 500 snapping a four-day gaining streak, as the minutes from the latest Federal Open Market Committee's most recent meeting reaffirmed the central bank's hawkish bias. The Fed minutes indicated broad-based support for another interest-rate hike in September with many officials stating that as long as economic data remain strong, it would likely soon be appropriate to take another step in removing policy accommodation. However, they also suggested that any tightening will have to pause if the US trade tensions with partners continue to escalate. Besides, cautiousness prevailed in the markets as investors sought to gauge the impact of the legal and political issues surrounding President Donald Trump's administration.  Former Trump campaign chairman Paul Manafort late Tuesday was found guilty on eight charges including tax fraud, and the president's former lawyer Michael Cohen said he violated campaign-finance law at President Donald Trump's direction.

On the economic front, according to a report released by the National Association of Realtors (NAR), existing home sales in the US unexpectedly decreased in the month of July. NAR said existing home sales dropped by 0.7% to an annual rate of 5.34 million in July after falling by 0.6% to a rate of 5.38 million in June. The continued decrease in existing home sales came as a surprise to street, who had expected existing home sales to climb by 0.6%.

Dow Jones Industrial Average dropped 88.69 points or 0.34 percent to 25733.60 and the S&P 500 declined 1.14 points or 0.04 percent to 2861.82, while Nasdaq was up by 29.92 points or 0.38 percent to 7889.10.


Related News

View all news

All Asian markets trade in green in early deals on Friday

All of the Asian markets are trading in green in early deals on Friday, following the record highs overnight on Wall Street's S&P 500, while the US dollar weakened as worries about trade tensions......

US markets end significantly higher on Thursday

The US markets ended significantly in green terrain on Thursday, as traders continued to shrug off concerns about the escalating trade dispute between the U.S. and China. Traders also took some encouragement......

Asian markets trade mostly in green on Thursday

Most of the Asian markets are trading in green on Thursday, following the mostly positive cues overnight from Wall Street as investors set aside concerns over a full-blown global trade war between US and......

Top News

View all news

Sun Pharma receives Australian TGA approval for ILUMYA

Sun Pharmaceutical Industries has received the Australian Therapeutic Goods Administration (TGA) approval for its specialty product, ILUMYA (tildrakizumab) for the treatment of adults with moderate-to-severe......

TCS features as leader in Everest Group PEAK Matrix for F&A Digital Augmentation Suite

Tata Consultancy Services (TCS) has been positioned as a leader in the Everest Group PEAK Matrix for Finance and Accounting (F&A) Digital Augmentation Suite (DAS).Cited as a strength is the company's......

Infosys enters into exclusive partnership with Trinity College

Infosys has entered into an exclusive partnership with Trinity College to create new educational programs that prepare liberal arts students and Infosys employees for the digital workplace of the future.......