US Stock Markets End the Day with a Modest Gain
The US stock markets closed the day with a modest gain, rebounding from the initial shock of the US credit rating downgrade. The Dow Jones Industrial Average ended the day with a 0.3% increase, at 42,792 points, following a volatile trading session.
The broader S&P 500 index was only marginally higher, at around 5,960 points, with the tech-heavy Nasdaq 100 index rising 0.1% to approximately 21,445 points.
The Wall Street recovery came after a shaky start, as investors digested the news of the US credit rating downgrade by Moody’s, the last of the three major rating agencies to make the move, on Friday evening. The move had initially sent markets reeling, but the recovery was a testament to the resilience of the US financial system.
The euro, meanwhile, strengthened against the US dollar, with one euro buying 1.1236 US dollars and one dollar purchasing 0.8900 euros, as of the European evening.
Gold prices also gained, with an ounce of fine gold selling for 3,234 US dollars, a 1% increase, equivalent to 92.53 euros per gram.
Oil prices, however, rose only slightly, with a barrel of Brent crude selling for 65.44 US dollars, a 0.1% increase, or 3 cents, from the previous day’s close.