Fri, 04 Dec 2020

Wall St has weak close on consumer confidence data

Lola Evans
28 Oct 2020, 08:11 GMT+10

NEW YORK, New York - U.S. stock indices lost weight on Tuesday following a decline in consumer confidence.

Th U.S. Consumer Confidence Index declined from 101.3 in September to 100.9 in October, the New York-based The Conference Board reported on Tuesday.

"Consumers' assessment of current conditions improved while expectations declined, driven primarily by a softening in the short-term outlook for jobs," Lynn Franco, senior director of Economic Indicators at The Conference Board said Tuesday.

"There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high," she said.

At the close of trading Tuesday the Dow Jones index had lost 222.19 points or 0.80% at 27,463.19.

The Standard and Poor's 500 dropped 10.29 points or 0.30 percent to 3,390.68.

The Nasdaq Composite fell 72.41 points or 0.64 percent to 11,431.35.

The U.S. dollar was mixed Tuesday. The euro fell sharply to 1.1784 by the New York close. The British pound was unchanged at 1.3041. The Japanese yen jumped to 104.48. The Swiss franc slipped to 0.9091.

The Canadian dollar edged down to 1.3186. The Australian dollar was a tad lower at 0.7123, while the New Zealand dollar rose appreciably to 0.6707.

On overseas markets, the FTSE 100 in London declined 1.09 percent. The German Dax fell 0.93 percent. The Paris-based CAC 40 shed 1.77 percent.

On Asian markets, the Nikkei 225 in Tokyo slipped just 8.54 points or 0.04 percent to close Tuesday at 23,485.80.

China's Shanghai Composite rose 3.20 points or 0.10 percent to 3,254.37.

In Hong Kong, the Hang Seng dropped 173.01 points or 0.70 percent to 24,744.77.

The Australian All Ordinaries was the hardest hit, losing 110.10 points or 1.73 percent to 6,247.20.

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