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Wall Street not so stable on commodity sell-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Wall Street was not so positive today from start to finish with commodities and oil prices leading the energy sectors lower.

    US stocks pushed lower by losses in energy shares

    U.S. crude-oil futures fell over by 4%, being the greatest fall since Feb. 23, further crimping a rally that had carried major indexes to their highest levels since December.

    This has left S&P 500 SPX, -0.64% to go negative for the year, dropping 13.09 points, or 0.6%, to 2,036.71. The Dow industrials DJIA, -0.45% lost 78.75 points, or 0.5%, to 17,503.68, while the Nasdaq Composite stumbled 1.1%.

    Government data confirmed a big build to crude stockpiles and U.S. crude oil tumbled 4.0% to $39.79 a barrel as U.S.

    Meanwhile, in FX, the greenback was the best performer against the euro and yen, and this will continue to hit corporate earnings in the US for companies with an FX exposure selling goods overseas.
    For more information, read our latest forex news.

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