Business & Investment

Baystreet.ca-Dow drops 166 points

Friday’s stock was hit as investors remained cautious due to the resurrected Covid virus and the Federal Reserve Board scheduled for next week.

The Dow Jones Industrial Average fell 166.44 points (0.5%) to close at 34,584.88, and the Dow fell nearly 2.9%. The S & P 500 fell 0.9% to 4,432.99 and the Nasdaq Composite closed 0.9% at 15,043.97.

This month’s stock price is also in the red. The Dow fell 2.2% in September. The S & P 500 is 2% off this month, but still only 2.5% off record highs. The Nasdaq fell 1.4% this month.

Next week’s Federal Open Market Committee (FOMC) two-day policy meeting should provide some clarity on the tapering and interest rate outlook.

Invesco’s stake surged 5.5% after the Wall Street Journal reported that money managers were in talks to integrate with State Street’s wealth management business. Invesco manages about $ 1.5 trillion.

Technology stocks are mostly negative, with social media giant Facebook down 2.2%. Apple and Microsoft each lost 1.8%.

Shares at Take-Two Interactive Software Inc. fell 0.5% after BMO Capital Markets analyst Jerrick Johnson downgraded shares from outperform to market performance.

Yields on 10-year government bonds were 1.37%, up 4 basis points. It previously reached a two-month high of 1.39%.

Crude oil contracts fell four cents in November to $ 72.57 a barrel.

Spot gold was down 0.1% to $ 1,751.89 per ounce.

Baystreet.ca-Dow drops 166 points

https://www.baystreet.ca/articles/market_updates_us.aspx?articleid=70402 Baystreet.ca-Dow drops 166 points

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