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Saturday, February 4, 2023

Wall Street closes in the red on better-than-expected economic data

Wall Street closed in the red on Monday, and its leading indicator is the Dow Jones Industrial Average.down 1.40%, The latest data from the US manufacturing sector pulled down some results, raising concerns among investors about the possibility that Reserve Federal (Fed) Maintain your aggressive interest rate adjustment policy.

US non-manufacturing index stood at 56.5 in November According to the Institute for Supply Management (ISM) index, above the forecast that placed it 53,5. Besides, the ISM for services rose to 56.5 points, which is also higher than expected. To meet the macroeconomic battery, October factory orders rose 1%, more than expected as a 0.7% increase was forecast, according to the Commerce Department.

The November rally, which extended gains in both bonds and stocks, Monday was enough in itself to essentially make a correction, explains david kelly, Chief Global Strategist at JP Morgan Funds. “We were about to suffer some kind of collapse,” he said in statements collected by “The Wall Street Journal.” These figures suggest that the Federal Reserve is raising the price of money, even though the economy remains resilient.

There were many sectors which were painted red. For example, non-essentials fell 2.94%, while financials fell 2.5%. In the Dow Jones, the only titles to end positively were those boeing, which increased by 1.22%. Among contracts, the biggest loser, 7.35%, was for the tech company sales force The departure of three senior executives from the Slack platform it acquired in 2020 follows the resignation of one of the company’s CEOs last week.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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