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Steel Sector Demand: The Dow Jones ends the turbulent week below 30,000

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The Dow Jones ends a turbulent week below 30,000

The Dow Jones cannot shake investors’ fears of a recession. Due to immensely high inflation in the US and fears of a sharp economic slowdown, the major US index cannot really recover.

Leading US index Dow Jones Industrial ended an extremely bleak week on the stock market below 30,000 points. of the Dow it closed down 0.13 percent at 29,888.78 points. The breadth of the market S&P 500 rose 0.22 percent to 3674.84 points on the last trading day of the week. Tech stocks held up better Nasdaq 100 recovered by 1.24 percent at 11,265.99 points.

The fear of a recession had weighed heavily on the stock markets in the previous days. The US Federal Reserve raised interest rates by 75 basis points in the fight against inflation. This makes credit for investment and consumption more expensive, which in turn could slow the recovery of the world’s largest economy. “The markets will not calm down until there is a sense that the actions of the Fed and other central banks will be successful not only in curbing inflation, but also in trying to prevent a global recession,” said Kenny Polcari, Managing Partner. of the consulting firm Kace Capital.

Persistent economic concerns have caused oil prices to drop sharply. The North Sea variety Brent lost up to 6.5 percent to $ 112.00 a barrel, US light oil (WTI) fell 7.6% to $ 108.63. Industrial metals such as copper and zinc have also become cheaper.

Bond investors reacted with relief to statements by ECB head Christine Lagarde about the expected limitation of spreads on European government bonds. According to insiders, you explained behind closed doors the so-called “anti-fragmentation tool” recently announced to the finance ministers of the euro zone. The surrender of ten-year federal bond it fell to 2.3 percent. The spread between these papers and their Italian counterparts and these papers has fallen to its lowest level in nearly two weeks. US Treasuries returned 3.231% from 3.305% previously.

Tesla Motors (USD) 650.28

Investors turned mainly to tech stocks, which had recently lost heavily. So it remained Tesla 1.6 percent more. Conversely, S&P energy stocks fell on the back of falling oil prices. Shares of the oil company Chevron lost more than four percent. Steel stocks were among the favorites after an encouraging outlook of USA steel. The company expects surprisingly high earnings of $ 3.83 to $ 3.88 per share for the current quarter. Shares of US Steel were up 1.6%, as was its competitor Nucor increased to 1.25 percent.

Acquisition fantasies drove Mereo’s actions Biopharmacy up 62 percent to $ 1.30. The UK edition of The Time reported that pharmaceutical giant AstraZeneca is considering an offer for the UK-based drug developer. Mereo is looking for treatments for rare diseases and some cancers. Stockbrokers were still expecting overall trading volatility on Friday, due to the expiration of options on the futures markets and the long weekend with a holiday-related trading outage on Monday.

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