US closes mostly higher, risky assets lose appeal

Monday, 25. July 2022 22:01

Wall Street ended the Monday trading session mostly higher as traders seemingly avoided tech shares and cryptocurrencies in anticipation of the next Federal Reserve policy move and the additional monetary tightening that is expected to be announced on Wednesday. A senior White House official said China could overtake the US as the global tech leader, while a report claimed that the bipartisan stablecoin bill is unlikely to be passed before September. Moreover, US President Joe Biden revealed that he expects to speak to Chinese President Xi Jinping later this week.

The Dow Jones Industrial Average index closed with a 0.28% or a 91-point gain as Chevron rose by 2.97%. The Nasdaq 100 decreased 0.55% at the close, pulled down by Align Technology's 5.19% drop. The S&P 500 was up 0.13% at the end of trading with SVB Financial Group, its best performer, jumping 8.25%.

The euro was 0.10% higher compared to the dollar, going for 1.02256 at 3:59 pm ET.

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