US closes mostly lower, Dow pares losses

Tuesday, 24. May 2022 22:00

Major stock markets in the United States traded mostly lower at the closing session on Tuesday, with the negative sentiment driven by the country's disappointing data on private sector activity and new home sales. Wall Street opened in the red but was able to pare losses with the Dow Jones Industrial Average recording gains after plummeting 500 points in the mid-session.

The Federal Reserve underlined that tightening policies are needed to reestablish inflation to its target of 2%, stressing that the pandemic and the Ukrainian conflict have clouded the economic outlook. Furthermore, Washington noted it will sell up to 40 million barrels of crude oil from its Strategic Petroleum Reserve in order to alleviate supply problems.

The Dow Jones Industrial Average was 0.16% higher at the closing bell as McDonald's Corporation gained 2.74%, while Nasdaq 100 plunged 2.20% with DexCom Inc. pulling the index down by 11.05%. The S&P decreased by 0.79% with Norwegian Cruise Line as its worst performer, losing 12.02%.

The euro was 0.37% higher against the dollar, selling at $1.07302 at 3:58 pm ET.

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