Published On: Thu, Nov 30th, 2017

US Stocks Pause After Tech Selloff

logs a record high while drops

US edged lower on Wednesday on technology stocks . The dollar continued strengthening on upward revision and upbeat Beige Book: the live dollar index data show the ICE , a measure of the dollar’s strength against a basket of six rival currencies, gained 0.1% to 93.258. The slipped 0.04% to 2626.07 as gains in telecom were offset by losses in the technology shares. The Dow Jones industrial average rose 0.4% to fresh record 23940.68. Nasdaq composite index meanwhile fell 1.3% to 6867.36.

Bank stocks support European markets rally

European stocks rally continued on Wednesday led by banking shares. Both the euro and British Pound advanced against the dollar. The closed higher 0.3%. Germany’s added less than 0.1% settling at 13061.87. France’s gained 0.1% while UK’s fell 0.9% to 7393.56. Indices opened mixed today.

Technology shares drag Asian indices

Asian stock indices are mixed as technology shares tumbled following the selloff on Wall Street overnight. rose 0.6% to 22724.96 as the yen continued the decline against the dollar. Chinese stocks are down: the is down 0.6% and Hong Kong’s is 1.5% lower. Australia’s is 0.7% lower as inched higher against the greenback.

Hang Seng

OPEC meets in Vienna

Oil futures prices are edging higher today in thin trading. Investors expect OPEC and major producers will extend an ongoing output cut agreement at a meeting today the current agreement expires next March but the duration of the extension is uncertain. Prices ended lower yesterday despite the US Energy Information Administration report domestic fell by 3.4 million barrels but gasoline and distillate stockpiles both rose more than anticipated. January fell 0.8% to $63.11 a barrel on Wednesday.

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