Wall Street closes lower as Fed hints at raising rates

Friday, 18. June 2021 22:01

United States major equity markets closed lower on Friday as the government was closed for the first Juneteenth federal holiday. Investors reacted mostly to comments made by Federal Reserve officials, who continue to assure that inflation increases are temporary and that the economic recovery is going well enough to begin discussing bond tapering soon.

On the coronavirus front, the WHO warned of a spike in cases in some regions of the world and the fast spread of the Delta variant, which is becoming globally more dominant than the original strain. However, due to a successful vaccination program in the US, the European Union allowed American citizens to visit without going under obligatory quarantine.

Dow plunged 1.58% with Chevron losing 3.77%, while S&P closed 1.31% below the flatline as Globe Life fell by 5.96%. The Nasdaq 100 slid by 0.81% led by Micron Technology dropping by 4.49%. The euro declined by 0.31% against the dollar to sell for $1.18706 at 3:58 pm ET.

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Breaking the News / LH