US Stock Markets Decline on Tuesday
The US stock markets took a significant hit on Tuesday, with the Dow Jones closing at 44,025.81 points, a 1.24% increase from the previous day’s trading. The broader S&P 500 was up 0.9% at around 6,050 points, and the tech-heavy Nasdaq 100 was up 0.6% at approximately 21,555 points.
“It’s worth noting that the first 75 days after a new president’s inauguration tend to be positive on the stock market” said Konstantin Oldenburger, a market analyst at CMC Markets, in reference to the current market situation. “Of the last 14 presidential transitions, the market went up 11 times and down only three. Joe Biden even had the best 75-day performance since Roosevelt in 1933.”
The European common currency, the euro, was slightly stronger at the end of the day, with one euro exchanging for 1.0420 US dollars, and one dollar for 0.9597 euros.
Gold, on the other hand, was a major beneficiary, with the price per ounce rising 1.3% to 2,743 US dollars, or 84.63 euros per gram, by the evening.
Oil, however, took a hit, with a barrel of the North Sea’s Brent crude selling for 79.51 US dollars at around 22:00 German time, a 64-cent or 0.8% decline from the previous day’s close.