The two red economic signs for the USOctober 3, 2019
Dow lost more than 820 points the past 48 hours
Before October Stock indexes were thriving. In reality, Stocks indexes were heading toward record-high levels, until the beginning of the month and the start of the fourth quarter.
In the last 48 hours, the US markets broadly dropped while investors started to worry regarding the new indications of economic retardation.
On Wednesday, the Dow Jones Industrial Average lost, increasing its 48-hour drop to 838 points. The Dow has fallen 3.1% this quarter, already clearing out the 1.2% increase of the third quarter. It remains up 11.8% for 2019.
Gold steady for now
On Thursday Gold remained steady after an over 1% jump in the previous trading session. This while investors anticipated more data to measure the strength of the US economy. The gold futures fell 0.2% to $1,504.79 an ounce while spot gold remained steady at $1,498.90 per ounce. Gold surged 1.4% on Wednesday following weak hiring by US private employers, which discouraged traders already concerned about reducing growth in the world’s biggest economy.
Oil keeps its levels
On Thursday Oil futures bounced back converting earlier declines over concerns about declining global economic outlook that hammered prices hard in the previous session. On Wednesday West Texas Intermediate (WTI) crude futures rose 23 cents, to $52.80 a barrel, after falling by 1.8%.
Brent crude oil futures went 10 cents higher, to $57.78 a barrel after falling 2% in the previous session.
Dollar weaker against yen
On Tuesday the popular Greenback surged to its highest level in more than two years against a measure of rival currencies. The surge came before the numbers, which are forecast to give the US manufacturing sector a boost. That boost will probably calm anxiety regarding the consequences of the trade conflict with China. The dollar index versus a basket of six important currencies increased by 0.10% to 99.478, after quickly reaching the most powerful level since 2017.