Wall Street closes in red and Dow Jones down 0.58%

New York, 21 Mar Wall Street closed this Monday in red and its main indicator, the Dow Jones of industrialists, lost 0.58%, in a session marked by statements by the President of the Federal Reserve (Fed), Jerome Powell, who once again warned of the runaway increase in inflation and promised to take action.
The Dow Jones subtracted 201.94 points to 34,552.99 whole, while the selective S&P 500 fell by a slight 0.04% or 1.94 units, to 4,461.18, according to data at close of business.
The composite index of the Nasdaq market, in which the main technology companies are listed, ended up losing 0.40% or 55.38 units, to 13,838.46.
“The labor market is very strong and inflation is too high,” Powell said today in a speech to the National Association of Business Economics, which marked the fate of the day.
In addition, Powell stressed that the Fed will take “all necessary steps to ensure the return of price stability.”
“If we conclude that it is appropriate to act more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so,” he said.
These statements come less than a week after the US central bank announced a 0.25% increase in interest rates, in an attempt to curb rampant inflation.
“Investors are taking Powell’s transparency as a step further to say, ‘It’s setting us up for the worst’,” said Boston Private’s chief investor Shannon Saccocia, quoted by The Wall Street Journal.
The price of Texas intermediate oil (WTI) for its part today soared by 7.1% and stood at $112.12 per barrel with the prospect that the European Union (EU) will veto Russia’s crude oil in a new retaliation for its invasion of Ukraine.
Today, the fall of Boeing was also highlighted after it was known that one of its 737-800 models crashed today in southern China with 132 people on board.
By sector, non-essential goods (-0.76%) were the most affected, together with communications (-0.66%), real estate (-0.52%) and technology (-0.18%). On the other side of the balance, gains were energy (3.79%), raw materials (0.85 per cent) and public utilities (0.68%).
Among the thirty Dow Jones securities, the most affected were Boeing (-3.59%), Home Depot (-3.34%) and Salesforce (-2.32%), while Chevron (1.81%), Dow (1.52%) and Caterpillar (1.27%) led the profits.
In other markets, at the close of Wall Street, gold amounted to $1,937.90 per ounce, the ten-year bond rose to 2,302% and the dollar gained ground against the euro at a rate of 1.1015. CHIEF

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