Equityworld futures-United States stock market closed down US stocks closed mixed, with declines in the technology sector offset a sharp rise in the financial sector as investors speculate on rising interest rates.
After a volatile trading session of the day, the Dow Jones Industrial Average closed at a new high, while the Standard & Poor’s 500 fell slightly.
US exchanges. – Reuters
The Dow Jones rose 21.03 points, or 0.11% at 18868.69, while the S & P 500 down 0.25 points or 0.01% to 2164.2 position.
“I think all we’re doing a little trim positive post-election rally last week,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott, told Reuters.
The tech sector was under pressure since 8 November last election as investors poured capital into other sectors such as financial, industrial, and energy, which is seen benefiting from the policies of President-elect Donald Trump.
Financial index rose 2.3%, while banking stocks, including Bank of America JPMorgan gave the biggest boost. Banking Index has risen 10.8% since the presidential election in hopes of deregulation and rising interest rates.
On the other hand S & technology sector index closed down 1.7% and become a major stressor index. This sector has slumped 3% since the last presidential election ..
Meanwhile, the Federal Reserve is expected to raise interest rates stronger at a meeting in December, with a probability of hikes by CME Group FedWatch menncapai 91%.