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×Dow Jones closes higher for first time in 7 sessions
US stock indices came under pressure during a volatile session, with bond yields rising, after Federal Reserve Chair Jerome Powell remarked about a lack of progress on inflation, adding to recent concerns that the central bank may take longer to cut interest rates than investors had expected.
At the end of trading on April 16, the Dow Jones Industrial Average rose by 0.15%, or 63 points, to 37,798 points, after touching an intraday high of 37,992 points. This marked the first positive close for the index in seven sessions.
The S&P 500 index fell by about 0.2%, or 10 points, to 5,051 points, and the Nasdaq index ended trading down 0.1%, or 19 points, at 15,865 points.
Shares of Johnson & Johnson and Bank of America declined by 2.15% and 3.5%, respectively, after they posted Q1 results. UnitedHealth and Morgan Stanley shares rose by 5.3% and 2.45%, respectively.
In Europe, the STOXX Europe 600 index decreased by 1.55% to 498.2 points, with losses led by mining (3%), banks (2.5%), automobiles (2.1%), and energy (1.8%). This marks the lowest close for the European index since the March 5 session (496.2 points).
The UK’s FTSE 100 Index retreated by 1.8% to 7,820 points, while the French benchmark CAC 40 dropped by 1.4% to 7,932 points, and the German DAX index closed 1.45% lower at 17,766 points.
In Japan, the Nikkei index ended trading in red, declining by 1.95% or 761 points to close at 38,471 points, while TOPIX index closed 2% down at 2,697 points.
Concerning the oil market, futures contracts for standard Brent crude for June delivery fell by 0.1%, or 8 cents, to close at $90.02 per barrel, after hitting $90.84.
WTI crude for May delivery settled at $85.36 per barrel, after it touched $86.18.
Meanwhile, gold futures contracts for June delivery rose by more than 1%, or $24.8, at $2,407.8 per ounce, which is the tenth record level since the beginning of April, during which the most active contract made gains of about 7.55%.
The two-year treasury yields briefly exceeded 5%, following Powell’s comments that the more recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to the 2% inflation goal.
Commodities
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