Thu, 28 Oct 2021

Wall Street has less than memorable day, greenback firms

Lola Evans
25 Sep 2021, 06:10 GMT+10

NEW YORK, New York - After two days of rallying Wall Street settled down on Friday with moves in either direction unremarkable.

"The last few days have shown a pronounced trend toward recovery in the market and back toward the highs," Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey, told Reuters news agency Friday.

"There's plenty of things to worry about, but bottom line, short-term rates make putting your money in cash unattractive, and bonds seem riskier at these levels than stocks do, to many investors."

The Dow Jones crept up 33.18 points or 0.10 percent, to close Friday at 34,798.00.

The Nasdaq Composite eased 4.54 points or 0.03 percent to 15,047.70.

The Standard and Poor's 500 edged up 6.50 points or 0.15 percent to 4,455.48.

The U.S. dollar rose in line with a rise in U.S. Treasury yields, and concern over the potential collapse of Chinese property giant China Evergrande.

The euro fell to 1.1700 before recovering slightly to finish Friday around 1.1715. The British pound slipped to 1.3667. The Japanese yen was weak at 110.77. The Swiss franc eased to 0.9251.

The Canadian dollar was steady at 1.2658. The Australian dollar dipped to 0.7253. The New Zealand dollar was unwanted at 0.7005.

On overseas equity markets, the FTSE 100 in London was off 0.38 percent. The German Dax declined 0.72 percent, while in Paris, France, the CAC 40 gave up 0.95 percent.

On Asian markets, stocks in Hong Kong and China dived, and the Australian market was also off. However, in Japan, the Nikkei 225 surged 609.41 points or 2.06 percent to 30,248.81.

The Australian All Ordinaries dropped 32.00 points or 0.42 percent to 7,649.30.

China's Shanghai Composite declined 29.15 points or 0.80 percent to 3,613.07.

The Hang Seng in Hong Kong did worst, shedding 355.58 points or 1.45 percent to 24,155.40.

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