Tuesday March 19, 2019
Home World US stocks fal...

US stocks fall after two-day rally

0
//

New York: US stocks traded mostly lower in the morning session on Friday, after two-day market rally, as global financial volatility continued to weigh on investors’ sentiment. At midday, the Dow Jones Industrial Average lost 68.68 points (0.41 percent), to 16,586.09. The S&P 500 dropped 5.66 points (0.28 percent), to 1,982.00. The Nasdaq Composite Index was down 10. 03 points(0.21 percent), to 4,802.67. Chinese stocks recovered more than 10 percent in two days after a five-day losing streak that wiped out a fifth of the market value.

Traders work on the floor of the New York Stock Exchange shortly before the closing bell in New York August 27, 2015. REUTERS/Lucas Jackson
www.reuters.com

The benchmark Shanghai Composite Index climbed 4.82 percent to close at 3,232.35 points on Friday, following a 5.34-percent rebound the previous day. But European trade was cautious on Friday with markets narrowly lower as investors remained cautious. On the economic front, US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, according to the US Commerce Department on Friday. The same month has also seen the world’s largest economy’s personal consumption expenditures increase 0.3 percent after an upwardly revised 0.3 percent rise in June.

Meanwhile, the final reading of the University of Michigan’s consumer sentiment index came in at 91.9 for August, well below market estimates. Some analysts said recent data points to a possible interest rate hike this year. The US Commerce Department on Thursday revised its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, which is much higher than the 0.6-percent growth in the first quarter and which has triggered a jump in US stocks that day.

(IANS)

Next Story

US Probing Facebook Data Deals With Tech Firms: Report

Facebook has phased out most of the partnerships over the past two years, The New York Times report said

0
Facebook, data, vietnam
This photo shows a Facebook app icon on a smartphone in New York. VOA

Facebook is facing criminal investigation in the US for the data deals it had entered into with smartphone makers and other technology giants, The New York Times reported.

A grand jury in New York has subpoenaed records from at least two smartphone makers that had entered into partnerships with the social media giant, said the report on Wednesday citing unnamed sources.

These two companies were among more than 150, including Amazon, Apple, Microsoft and Sony, that had cut sharing deals with Facebook, gaining broad access to the personal information of millions of its users.

Facebook earlier reportedly admitted that it had shared users’ data with embattled Chinese company Huawei along with three other China-based smartphone makers Lenovo, OPPO and TCL.

Facebook
Facebook, social media. Pixabay

These agreements allowed the companies to see users’ friends, contact information and other data, sometimes without consent.

Facebook has phased out most of the partnerships over the past two years, The New York Times report said.

Also Read- Tech Giant Google Releases Android Q Beta on Pixel Phones

“We are cooperating with investigators and take those probes seriously,” a Facebook spokesman was quoted as saying in a statement.

“We’ve provided public testimony, answered questions and pledged that we will continue to do so.” (IANS)