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Wall Street

Wall Street recovered some of the loses from the previous week

The US stock markets closed session on Monday on green, and main indices continued to recover after their worst weekly performance in two years. The blue-chip index Dow Jones Industrial Average closed with increase of 408 points, while its highest daily growth was 574.26 points. At the end the index closed with increase of or 1.70% to 24,601.27 points. DowDuPont and Apple performed best within the blue-chips, expanding by 3.4% and 4%, respectively.

The benchmark S&P 500 finished with growth of 1.4% to 2,656.00 points, and the raw materials and information technology sectors performed best.

The technological Nasdaq Composite rose by 1.6% to 6,981.96 points.

The shares of Amazon, Bank of America and Apple, which sharply declined last week, rose by more than 2.5% in Monday trading session.

The analysts commented that the market is trying to find its point of balance after its huge fluctuations last week.

Dow and S&P 500 wiped out 5.2% of their value last week, marking their worst weekly downturns since January 2016. At the same time, the Nasdaq fell 5.1% and also hit its worst weekly decline since February 2016. The index also sank into a correction area.

The benchmarks, however, ended trading last session of the week on green, as Dow rose by 330 points on Friday and the S&P 500 and Nasdaq by more than 1.4%. The last week downturn looks more like a correction phase than a bear market.

On the bond market, 10-year government bond yields climbed to a new four-year high. The returns on this type of government securities reached more than 2.9%, but ended at about 2.857%. The yield on 2-year government bonds also rose to 2.077%.

In the foreign exchange markets, the US dollar fell against the euro after its best week against the single currency for almost 15 months. The dollar index, which traces its value against a basket of competing currencies, declined by 0.20% to 90.04 points, wiping some of its growth last week.

In the commodity markets, the crude oil prices remained almost unchanged, recovering earlier from the sharp losses of last week. The futures on US WTI crude oil ended with increase of 0.09 USD to 59.29 USD per barrel, while Brent oil fell by 0.20 USD to 62.59 USD per barrel. after rising to 64.40 USD earlier during the session.

The gold prices rose because of the depreciation of the dollar. However, the appreciation of the precious metal is expected to be curbed before the US inflation figures later this week, which may mean a faster-than-expected rise in interest rates. The futures on gold rose by 0.81% to 1,326.30 USD per ounce.

About James McGovern

James McGovern is from Arizona, USA. He is business analyst and writer at Finance Apprise Journal, responsible for finance and trading sections, as well as news from USA and Canada.

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