Stock Markets Show Mixed Results as Trade Tensions Persist
The US stock markets exhibited a mixed performance on Wednesday, with the Dow Jones Industrial Average closing at 42,428 points, a 0.2 percent decline from the previous trading day.
The broader S&P 500 index, in contrast, ended the day with a 0.1 percent gain, reaching around 5,970 points, while the tech-heavy Nasdaq 100 index rose 0.3 percent, with a value of approximately 21,722 points.
The ongoing trade tensions between the US and China, driven by the administration’s tariffs and retaliatory measures, continue to weigh heavily on the markets. US President Donald Trump expressed frustration on Wednesday, stating that it is “extremely hard” to negotiate with Chinese President Xi Jinping. Meanwhile, new data from ADP, a leading IT services provider, suggests that companies are delaying hiring due to the uncertainty surrounding the trade dispute.
The euro, the common currency of the European Union, gained strength on Wednesday, with one euro equivalent to 1.1412 US dollars and one US dollar worth 0.8763 euros.
Gold prices, on the other hand, rose, with one ounce of gold fetching 3,373 US dollars, or 95.02 euros per gram, a 0.6 percent increase.
Crude oil prices, however, declined, with a barrel of the North Sea’s Brent crude selling for 64.89 US dollars, a 74-cent or 1.1 percent decrease from the previous trading day’s close.