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Stocks Fall, Dollar Sinks: Markets Wrap
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Loading...U.S. stocks sank Friday and the euro climbed to its strongest level against the dollar since January 2015 .
European shares fell as the common currency’s rally weighed on carmakers and other exporters. Oil slumped as OPEC supply increased this month.
All major U.S. equity gauges were lower, with energy shares and industrials leading decliners in the S&P 500 Index after General Electric Co. dropped nearly 4 percent on the company’s warning that its earnings for the year will likely be at near the bottom of its projected range. The Bloomberg Dollar Spot Index hit an 11-month low.
The euro gained impetus after ECB President Mario Draghi said Thursday that the central bank will discuss in the autumn plans to unwind quantitative easing.
Here are the main moves in markets:
Stocks
The S&P 500 was down 0.2 percent.
The Nasdaq Composite Index dropped 0.2 percent, while the Dow Jones Industrial Average declined 0.3 percent.
The Stoxx Europe 600 fell 1.2 percent, with automobile, construction and bank shares down. The gauge is heading for its first weekly drop in three.
Currencies
The yen gained 0.7 percent to 111.18 per dollar.
The euro climbed 0.3 percent to $1.1662.
Commodities
West Texas Intermediate crude dropped 1.4 percent to 46.12 a barrel.
Copper advanced 1 percent to $6,016 a ton, leading a rally in industrial metals.
Gold rose 0.5 percent to $1,250.84 an ounce
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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