Lola Evans
17 May 2022, 06:22 GMT+10
NEW YORK, New York - Weak economic news out of China undermined stocks on Wall Street on Monday. The major indices had a wild ride with rallies being confronted by hoards of sellers. Major early gains evaporated as the day wore on.
"China data was kind of the morning overhang on the market, but it's trying to find its footing led by energy. You're seeing people rotate into the winners of the year so far, which are energy and utilities," Jay Hatfield, chief executive officer at Infrastructure Capital Management in New York told Reuters Monday.
"We think that a lot of sectors in the market are undervalued."
The Dow Jones was the only major to finish in front, albeit with a miserly 26.76 points or 0.08 percent gain to 22,223.42.
The Nasdaq Composite was the hardest hit index, tumbling 142.21 points or 1.20 percent to 11,662.71.
The Standard and Poor's 500 slipped 15.88 points or 0.79 percent to 4,008.01.
On overseas equity markets, the Dax in Germany fell 0.45 percent. The Paris-based CAC 40 dipped 0.23 percent. In London, the FTSE 100 advanced 0.63 percent.
On foreign exchange markets, the U.S. dollar weakened marginally, except against the Japanese yen.
The euro edged up to 1.0430 around the New York close Monday. The British pound gained to 1.2314. The Swis sfranc was unchanged at 1.00276.
The Canadian dollar firmed to 1.2850. The Australian dollar was nearly a cent higher at 0.6971. The New Zealand dollar rose to 0.6309.
In Japan, the Nikkei 225 gained 119.40 points or 0.45 percent to 26,547.20.
China's Shanghai Composite lost 10.54 points or 0.34 percent to 3,073.75.
In New Zealand, the S&P/NZX 50 edged up 10.52 points or 0.09 percent to 11,157.66.
The Australian All Ordinaries rose 18.50 points or 0.25 percent to 7,326.20.
In South Korea, the Kospi Composite fell 7.66 points or 0.29 percent to 2,596.58.
The Hang Seng in Hong Kong added 51.44 points or 0.26 percent to 19,950.21.
Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationHONG KONG: An engineering vessel with 30 people on board went missing 200 miles off Hong Kong after it snapped ...
NICE, France -As some 1,000 Frenchmen are being hospitalized daily with Covid infections, French officials have "invited" or "recommended" the ...
BRUSSELS, Belgium: Negotiations on a free trade agreement between the European Union and New Zealand ended successfully this week, paving ...
CAIRO, Egypt: Egyptian authorities have prohibited swimming in a stretch of the Red Sea after an Australian woman was killed ...
NEW YORK CITY, New York: Bette Nash, age 86, has been named the longest serving flight attendant in the world, ...
LONDON, England: A UK parliamentary committee has told lawmakers that they may not bring babies to parliamentary proceedings and debates.The ...
WASHINGTON D.C.: Due to surging food prices, summer cookouts for the U.S. Independence Day holiday are more expensive, forcing Americans ...
The Milwaukee Bucks are bringing back veteran center Serge Ibaka on a one-year contract, The Athletic reported Monday. The 32-year-old ...
Roseau [Dominica], July 4 (ANI): All-rounder Rovman Powell, who helped West Indies clinch victory against Bangladesh in the second T20I, ...
The Milwaukee Brewers reside atop the National League Central due in large part to their strong play against the rest ...
Jeremy Pena clubbed a walk-off home run with two outs in the ninth inning, his second homer of the game, ...
Omar Narvaez hit a two-run home run Sunday as the visiting Milwaukee Brewers beat the Pittsburgh Pirates 2-0 to earn ...