Wall Street takes back losses before closing bell

Friday, 05. July 2019 21:08

Risk aversion weakened on Friday in the runup to the finish on stock exchanges in New York, where sharp losses suffered at the start of the session were mostly eradicated. Traders took main indexes to daily highs after United States President Donald Trump continued to put pressure on the Federal Reserve to lower interest rates. Markets were earlier impacted by a domestic jobs report for June as strong additions to the labor force and an acceleration in hiring prompted concerns that policymakers may not cut borrowing costs as much as they indicated. Rising rates tend to stifle borrowing and investment.

On the flipside, Treasury securities stayed sharply lower for the day, which means yields maintained their spike. The dollar held substantially higher while gold and silver were deeply in the red, but oil futures surged.

The Dow Jones Industrial Average traded just 0.13% under the flat line at 3:06 pm ET with 3M at the bottom of the pile with a plunge of 1.97%. The Nasdaq 100 lost 0.16%, led by a fall of 4.73% in Electronic Arts. The S&P 500 slipped 0.15% with the same worst performer. Gold tumbled 1.13% to $1,399.59 per ounce. The euro dropped 0.53% to $1.12246 and the pound skidded 0.41% to $1.25272 after clawing back above the $1.25 mark.

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Breaking the News / IT