Wall Street recovers most losses on upbeat data

Friday, 14. June 2019 22:01

Equity markets in the United States ended modestly in the red on Friday and gold surrendered its gains amid a weakening in risk aversion. Confidence expressed by President Donald Trump into a potential bilateral trade deal with China and his softened rhetoric regarding the trade war prompted a rebound in optimism together with favorable statistics for May regarding industrial production and retail sales. Of note, industrial output growth in the world's second-biggest economy reached the lowest level in over 17 years.

The Dow Jones Industrial Average slipped 0.06% for the day. The Nasdaq lost 0.42% led by Broadcom's fall of 5.57%. The chipmaker yesterday provided a grim outlook on demand in the sector. The S&P 500 index retreated 0.16%.

The euro dropped 0.61% to $1.12077 at 3:59 pm ET. The pound was down 0.72% at $1.25822 and the dollar added 0.14% to trade at ¥108.5335. Gold was down 0.09% at $1,340.91 per ounce.

More to come...

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