Fri, 01 Dec 2023

U.S. stocks hit by potential shutdown

Lola Evans
30 Sep 2023, 06:12 GMT+10

NEW YORK, New York - Stock prices were punctured Friday bringing to an end the 'flash in the pan' rally that began a day earlier. The potential for a government shutdown loomed Friday as more than 20 Republicans joined Democrats to vote down a bill pitched by GOP Speaker Kevin McCarthy.

"We're doing everything we can to plead, beg, shame House Republicans to do the right thing," Shalanda Young, director of the White House Office of Management and Budget, told reporters.

When told McCarthy had indicated he would forgo his own paycheck, Young said, "That is theater."

"The guy who picks up the trash in my office won't get a paycheck. That's real."

Stock markets then proceeded to close out the quarter notching up significant losses, however the tech sector at least finished the day with a modest gain.

"The market will need to deal with what appears to be a likely government shutdown," Chris Fasciano, portfolio manager at Commonwealth Financial Network told CNBC Friday.

"How long it lasts and how it effects short-term economic data, consumer confidence and interest rates will be amongst key topics for investors to pay attention to," Fasciano said.

Here are the key numbers for the major U.S. bourses Friday:

S&P 500 The Standard and Poor's 500 closed at 4,288.05, marking a decrease of 11.65 points, or -0.27 percent. The trading volume for the day reached a substantial 2.357 billion shares.

Dow Jones Industrial Average (DJI) The Dow Jones Industrial Average closed at 33,507.50, showing a decline of 158.84 points, or -0.47 percent. The total trading volume stood at 316.348 million shares.

NASDAQ Composite (IXIC) The NASDAQ Composite ended the day at 13,219.32, with an increase of 18.05 points, or +0.14 percent. The trading volume on NASDAQ was robust, with 4.031 billion shares changing hands.

Global Foreign Exchange Market Sees U.S. Dollar Steady on Friday

Currency markets worldwide experienced fluctuation on Friday, with the greenback steadying after Thursday's sell off. Currency traders and investors closely watched the currency pairs throughout the day as market dynamics played a role in determining exchange rates. The U.S. dollar experienced mixed performance against other major currencies, with the USD/CAD pair showing the most substantial gain. Meanwhile, the New Zealand dollar emerged as one of the strongest performers against the U.S. dollar, reflecting positive market sentiment.

Here are the latest foreign exchange market quotes for the day:

EUR/USD (Euro / US dollar): The EUR/USD exchange rate stood at 1.0573, marking a slight increae of 0.08 percent or 0.00081 after inflation in the Europe Zone slipped to 4.3 percent, the lowest in nearly a year.

USD/JPY (US dollar / Japanese yen): The USD/JPY pair was trading at 149.43 towards the close Friday, reflecting a 0.09 percent increase.

USD/CAD (US dollar / Canadian dollar): The USD/CAD rate climbed to 1.3561, demonstrating a significant rise of 0.56 percent or 0.0074.

GBP/USD (British pound / US dollar): The GBP/USD pair settled at 1.2202 Friday, showing a minor uptick of 0.04 percent or 0.0004.

USD/CHF (US dollar / Swiss franc): The USD/CHF exchange rate reached 0.9155, marking a 0.07 percent increase of 0.0006.

AUD/USD (Australian dollar / US dollar): The AUD/USD rate was at 0.6434, displaying a 0.13 percent rise of 0.0008.

NZD/USD (New Zealand dollar / US dollar): The NZD/USD pair saw significant growth, closing at 0.5995, with an impressive increase of 0.57 percent or 0.0033.

Global Stock Markets Show Positive Momentum on Friday

Stock markets around the world demonstrated positive momentum on Friday, with several key indices posting gains. Here are the latest world stock market quotes for the day:

CANADA

S&P/TSX Composite index (GSPTSE) The S&P/TSX Composite index experienced a decline, closing at 19,541.27. This represented a drop of 49.47 points, or -0.25 percent. The trading volume for the Canadian index was 242.496 million shares.

UNITED KINGDOM

FTSE 100 (^FTSE): The FTSE 100 index in the United Kingdom closed at 7,608.08, marking a modest increase of 6.23 points, equivalent to 0.08 percent.

EUROPE

DAX PERFORMANCE-INDEX (^GDAXI): Germany's DAX PERFORMANCE-INDEX finished the day at 15,386.58, gaining 63.08 points or 0.41 percent.

CAC 40 (^FCHI): France's CAC 40 index recorded a positive day Friday, closing at 7,135.06, with an increase of 18.82 points, or 0.26 percent.

ESTX 50 PR.EUR (^STOXX50E): The ESTX 50 PR.EUR index in the Eurozone climbed to 4,174.66, with a gain of 13.10 points or 0.31 percent.

Euronext 100 Index (^N100): The Euronext 100 Index settled at 1,323.71, adding 5.79 points, which is approximately 0.44 percent.

BEL 20 (^BFX): Belgium's BEL 20 index demonstrated strong growth, closing at 3,553.01, up by 33.23 points or 0.94 percent.

RUSSIA

MOEX Russia Index (IMOEX.ME): Russia's MOEX Russia Index faced a slight setback Friday, closing at 2,222.51, down by 4.14 points or 0.19 percent.

ASIA

Nikkei 225 (^N225): In Japan, the Nikkei 225 index ended slightly down at 31,857.62, decreasing by 14.90 points, or 0.05 percent.

HANG SENG INDEX (^HSI): Hong Kong's HANG SENG INDEX surged, closing at 17,809.66, with an impressive gain of 436.63 points, representing an increase of 2.51 percent.

SSE Composite Index (000001.SS): China's SSE Composite Index settled at 3,110.48, adding 3.16 points, which is approximately 0.10 percent.

Shenzhen Index (399001.SZ): The Shenzhen Index in China on Friday saw a slight uptick, closing at 10,109.53, up by 5.20 points or 0.05 percent.

STI Index (^STI): Singapore's STI Index ended positively at 3,217.41, gaining 10.42 points, equivalent to 0.32 percent.

S&P BSE SENSEX (^BSESN): India's S&P BSE SENSEX surged to 65,828.41, with a gain of 320.09 points, equivalent to 0.49 percent.

IDX COMPOSITE (^JKSE): Indonesia's IDX COMPOSITE index recorded marginal growth, closing at 6,939.89, with a slight gain of 2.06 points or 0.03 percent.

FTSE Bursa Malaysia KLCI (^KLSE): The FTSE Bursa Malaysia KLCI faced a decline Friday, closing at 1,424.17, down by 15.94 points or 1.11 percent.

KOSPI Composite Index (^KS11): South Korea's KOSPI Composite Index experienced minor growth, closing at 2,465.07, with an increase of 2.10 points, equivalent to 0.09 percent.

TSEC weighted index (^TWII): Taiwan's TSEC weighted index showed positive momentum, closing at 16,353.74, with a gain of 43.38 points or 0.27 percent.

NIFTY 50 (^NSEI): In India, the NIFTY 50 index closed at 19,638.30, recording a significant increase of 114.75 points, or 0.59 percent.

OCEANIA

S&P/ASX 200 (^AXJO): Australia's S&P/ASX 200 index recorded positive growth Friday, ending the day at 7,048.60, marking an increase of 23.80 points, equivalent to 0.34 percent.

ALL ORDINARIES (^AORD): The ALL ORDINARIES index in Australia closed at 7,249.70, marking an increase of 27.20 points, or 0.38 percent.

S&P/NZX 50 INDEX GROSS (^NZ50): New Zealand's S&P/NZX 50 INDEX GROSS displayed strong performance, ending at 11,296.43, with a significant gain of 118.40 points or 1.06 percent.

AFRICA

Top 40 USD Net TRI Index (^JN0U.JO): The Top 40 USD Net TRI Index in South Africa closed at 3,794.36, gaining 32.84 points or 0.87 percent.

Overall, global stock markets demonstrated resilience and positive momentum on Friday, with many indices posting gains and investors showing confidence in the economic outlook.

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