Thu, 21 Mar 2019

Wall Street slides on economic reports

By Jay Jackson, Turkmenistan News
22 Feb 2019, 07:55 GMT+10

NEW YORK, New York - Threeseparate pieces of economic data tabledon Thursday put pay to this week's rally on U.S. stock markets, but losses were minor. The U.S. dollar gained..

The Philadelphia Federal Reserve advisedU.S. Mid-Atlantic business activity fell in February to its lowest level in nearly three years.

Elsewhere, U.S. existing home sales declined in January in more than four years.

Separately the Commerce Department advised new orders for key U.S.-made capital goods dropped in December.

Weve had a tremendous run in the market, and we had weak data that allowed investors to take some profits, Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago told the Reuters Thomson news agency on Thursday.

I was a little surprised by some of the weakness in the data. Some of it is weather-related and some trade-related, so its hard to get a good feel for how it would be.

At the close of trading Thursday the Dow Jones Industrial Average was down 103.81 pointsor 0.40% at25,850.63.

The Standard and Poor's 500 dipped9.82 pointsor 0.35%to 2,774.88.

The Nasdaq Composite slipped 29.36 pointsor 0.39%to 7,459.71.

On foreigh exchange markets Thursday, the U.S. dollar had a good day pushing back againstt the major currencies.

The euro dipped to 1.1335 by the New York close Thursday, while the British pound weakened slightly to 1.3074.

The Japanes yen was fraction lower to110.70.

The Swiss franc weakend to 1.00137.

The Canadian dollar declined to 1.3220.

The Australian dollar continued its slide, finishing the day in New York Thursday around 0.7093. The New Zealand dollar was also weaker at 0.6807.

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