Monday February 18, 2019
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US stocks open sharply lower amid global rout

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New York: US stocks opened sharply lower on Monday with the Dow Jones Industrial Average sliding below 16,000 for the first time since February 2014, as a rout in global markets continued to intensify.

Shortly after the opening bell, the Dow Jones Industrial Average plunged 829.79 points (5.04 percent), to 15,629.96. The S&P 500 dropped 91.72 points (4.65 percent), to 1,879.17. The Nasdaq Composite Index dived 283.27 points (6.02 percent), to 4,422.77, Xinhua reported. The Chinese stock markets had their worst day in eight years with the benchmark Shanghai Composite Index tumbling 8.49 percent to close at 3209.91 points.

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It has been reported that weak economic data has fueled worries that a drop-off in Chinese growth could cause a global slowdown. European equities also dived on Monday following previous session’s deep decline, as the Stoxx Europe 600 was down over 6 percent and Germany’s DAX fell 4 percent. US stocks saw a heavy fall on Friday, with the Dow nosediving more than 500 points, as a broad-based heavy sell-off in global stock markets weighed on U.S. market. The CBOE Volatility Index, often referred to as Wall Street’s fear gauge, soared 46.45 percent to end at 28.03 Friday.

(IANS)

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US Dollar Weakens Amid Gloomy Economic Data

The Australian dollar rose to $0.7105 from $0.7094.

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US Dollar
The dollar index, which measures the greenback against six major peers, fell 0.15 per cent at 96.9817 in late trading. Pixabay

The US dollar declined as the allure of the greenback diminished amid a slew of downbeat economic data.

In late New York trading on Thursday, the euro rose to $1.1299 from $1.1269 in the previous session, and the British pound decreased to $1.2801 from $1.2850 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7105 from $0.7094.

The US dollar bought 110.47 Japanese yen, lower than 110.99 Japanese yen of the previous session. The US dollar was down to 1.0047 Swiss franc from 1.0088 Swiss franc, and it increased to 1.3281 Canadian dollars from 1.3250 Canadian dollars.

US Dollar
The Australian dollar rose to $0.7105 from $0.7094. Pixabay

US retail sales in December fell 1.2 per cent from the prior month, the worst drop in nine years, the Commerce Department reported on Thursday.

The unexpected decline, which came after a downwardly revised 0.1 per cent increase in November, signals a weaker economic momentum.

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The dollar index, which measures the greenback against six major peers, fell 0.15 per cent at 96.9817 in late trading. (IANS)

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