* MSCI international stock gauge posts first weekly drop of yr
* Wall St rallies late, as S&P 500 ekes out achieve
* Dollar tallies largest weekly achieve since August
* U.S. yields down for 4th straight session
(Updates with shut of U.S. markets)
By Lewis Krauskopf
NEW YORK, Feb eight (Reuters) – A gauge of worldwide stocks fell for a 3rd consecutive day on Friday amid uncertainty about international financial progress and commerce tensions, posting its first weekly drop this yr, whereas the U.S. dollar tallied its strongest week since August.
MSCI’s gauge of stocks throughout the globe shed zero.35 % on the day, and dropped for the week following six consecutive weekly will increase. Still, Wall Street’s most important fairness indexes rallied late within the day on Friday, with the benchmark S&P 500 ending marginally constructive.
Investors have been digesting financial and commerce developments from Thursday, when the European Commission sharply reduce its forecast for euro zone progress this yr and subsequent and U.S. President Donald Trump stated he didn’t plan to satisfy with Chinese President Xi Jinping earlier than a March 1 deadline to realize a commerce deal. now, the main target actually is on China,” said Mark Otto, global markets commentator for GTS in New York. “The market does not like uncertainty, and it appears to be in abundance at this specific time.”
The Dow Jones Industrial Average fell 63.27 factors, or zero.25 %, to 25,106.26, the S&P 500 gained 1.83 factors, or zero.07 %, to 2,707.88 and the Nasdaq Composite added 9.85 factors, or zero.14 %, to 7,298.20.
Analysts now anticipate first-quarter earnings for S&P 500 corporations to say no zero.1 % from a yr earlier, which might be the primary such quarterly revenue decline since 2016, in line with IBES knowledge from Refinitiv.
“The sentiment continues to be investor anxiety about U.S.-China trade relations, the slowing global growth, and I think this week what is starting to really creep into investors’ anxiety is around corporate earnings,” stated Michael Arone, chief funding strategist at State Street (NYSE:) Global Advisors in Boston.
The pan-European STOXX 600 index misplaced zero.56 %. dollar edged greater towards a basket of currencies, and had its strongest weekly achieve in six months, as merchants piled into the dollar in a safe-haven transfer on worries a few weakening international financial system. rose zero.13 %, with the euro down zero.17 % to $1.1321.
“The rally that propelled the dollar broadly larger final yr has loved renewed life with U.S. progress remaining strong whereas friends overseas lose momentum,” stated Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
U.S. Treasury yields fell for a fourth straight session. U.S. 10-year notes final rose 6/32 in worth to yield 2.6339 %, from 2.654 % late on Thursday.
Oil costs have been little modified on the day, however fell for the week on renewed considerations about slowing international demand. crude CLcv1 settled up zero.2 % at $52.72 per barrel and LCOcv1 settled at $62.10, up zero.eight %.