NEW YORK, USA – US stocks fell sharply and the dollar rose on Wednesday, November 9, as investors awaited both the results of the US midterm elections and key data on consumer prices that could impactA deal for major cryptocurrency exchange FTX collapsed late in the session as bigger rival Binance said it was pulling out, news that heightened concerns about the sector’s stability.
Average annual S&P 500 returns have been 14% in a split Congress and 13% in a Republican-controlled Congress under a Democratic president, according to data since 1932 analyzed by RBC Capital Markets. That compares with 10% when Democrats controlled both the presidency and Congress. On Wall Street, the Dow Jones Industrial Average fell 1.95%, the S&P 500 slid 2.08%, and the Nasdaq Composite dropped 2.48%.
Investors cheered Meta’s decision to reduce spending, but a weak advertising market for the company points to a difficult economic outlook as the Fed hikes rates to tame high inflation. “Clearly investors are hoping that the rate of inflation begins to roll over, and if that does not happen, I do think that causes some additional volatility in markets,” Arone said.
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