India’s unemployment rate increased to a three-month high at 8% in November, according to CMIE. Investors will keep an eye on the US jobs report which might provide further clues on Fed’s next policy steps.
02 Dec 2022, 07:29:03 AM IST
Wall Street takes a breath after Powell rally while dollar falls
Wall Street equities made little progress in Thursday’s choppy session as investors digested economic data after a big rally in the previous session from U.S. Federal Reserve signals that it would slow its interest rate hiking pace.
The U.S. dollar index fell to its lowest level since August and Treasury yields sank after Fed Chair Jerome Powell said on Wednesday that it was time to slow rate hikes. He also pointed to a protracted economic adjustment to higher borrowing costs and a slow decline in inflation as well as a chronic shortage of workers in the United States.
The Dow Jones Industrial Average fell 194.76 points, or 0.56%, to 34,395.01, the S&P 500 lost 3.54 points, or 0.09%, to 4,076.57 and the Nasdaq Composite added 14.45 points, or 0.13%, to 11,482.45.
The S&P had rallied 3% on Wednesday after Powell’s comments while Nasdaq had gained more than 4% and the Dow had risen 2%. (Reuters)
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