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US stocks retreat as oil drops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US stocks are trading on a softer note as rising Yen and oil price drop is weighing over risk appetite.

    At the time of writing, Dow Jones Industrial Average (DJIA) was down 0.83% or 142 points. S&P 500 index traded 15 points or 0.76% lower on the day. Tech heavy Nasdaq was down 42 points or 0.90%.

    DJIA Oil and Gas index was down 0.74%. Both oil benchmarks are sliding as fall in US oil inventory is being a one-off kind of data. Plus, markets are also worried about the fading prospects of joint OPEC and non-OPEC output freeze effort.

    Among DJIA stocks, Verizon, DuPont, Caterpillar shares were down 2.4% to 1.3% respectively. Meanwhile, moderate strength was seen in United Technologies., and McDonald’s. Traders now await comments from Fed chief Janet Yellen.
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