Monday , March 8 2021

Oil drops and worries China's tip on Wall Street



NEW YORK (Reuters) – Wall Street's three major stock prices were lost on Friday, but closed down on sessions when China's weak data and volatile oil prices sparked global growth.

The Dow Jones Index fell 0.77 percent to 25.989 points, while S & P 500 lost 0.919899 percent to 2.781 points. The Nasdaq index fell from 1.65 to 7.407 percent.

Oil prices dropped by nearly 1 percentage point on Friday and have not seen such a long fall since 1984 due to the increase in global supply and the global slowdown.

"Oil is frightening the market, and if oil prices fall, it is another sign of slowing global economic growth," says Chris Zaccarelli, Principal Representative of the Independent Advisory Alliance.

The United States has officially imposed sanctions on Iran this week, but has temporarily released eight countries to continue to acquire oil from the Islamic Republic.

The S & P Energy Index dropped by 0.4 percent in the previous day's session by 2.2 percent when US oil prices strengthened the downward trend and declined by 20 percent from the recent high. [O/R]

"Economic growth is slowing down, but not so slow that it will halt Fed's interest rates," said Leuthold Group's main investment strategy, Jim Paulsen.

Investors apparently did not want to choose a risk by sending the S & P technology index by 1.7 percent when Apple Inc. fell by 1.9 percent and the semiconductor share declined by 1.9 percent.

Eight of the top 11 S & P sectors ended the day in red.


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