Wall Street is getting rid of the bleak news from China

Wall Street is getting rid of the bleak news from China

When the US stock exchanges opened at 15:30 NST, the stocks were pointing down for US stock market indices. But a few hours after the trade started, they moved on to the bonus feature.

This is how the indicators were at 18.20 Norwegian time:

  • The broad and heavy Standard & Poor’s index rose 0.22 percent.
  • The Dow Jones Industrial Average rose 0.33 percent.
  • The Nasdaq Technology Index rose 0.38 percent.

The stock market’s pessimism from the start was likely due to negative news from the Chinese economy on Monday, as activity declined in several important areas. China’s central bank I mentioned then too It lowers the key interest rate by ten basis points, or 0.1 percentage point.

The price of oil is falling

In the hours before US stock exchanges opened on Monday, the price of a barrel of US crude oil (WTI) fell more than five percent. This is usually positive news for the stock market, but the drop in oil prices is also due to the bleak signals from China.

The price of a barrel of North Sea oil has also fallen, and is now trading at just over $93. It is barely below last week’s prices, and returns to the level of the first half of February – before the outbreak of the war in Ukraine.

Last week, the S&P 500 rose 3.3 percent and thus rose for four consecutive weeks. As for the S&P, it was set to be the longest weekly rising streak since November 2021. Including Friday’s rally, the S&P gained 8.7 percent in one month. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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