US Stock Markets Decline on Thursday
The US stock markets closed lower on Thursday, with the Dow Jones Industrial Average calculated at around 41,953 points, a slight decline compared to the previous trading day. Minutes earlier, the broader S&P 500 was at around 5,660 points, down 0.2% and the Nasdaq 100, which tracks the technology-heavy Nasdaq, was at around 19,678 points, down 0.3%.
Initially, investors had shown relief at the Federal Reserve’s decision to maintain its interest rate trajectory, announced on Wednesday, but the caution set in later in the day amid economic challenges. US President Donald Trump then took to his platform to apply pressure on the monetary authorities, stating that the Federal Reserve would be “much better off” if it lowered interest rates, given the US tariffs starting to take effect in the economy and urging the Fed to “do the right thing.”
The Fed is likely to consider the possibility that Trump’s post was intended as a threat, following concerns that the US president might limit the central bank’s independence.
The European common currency was weaker on Thursday evening, with one euro costing 1.0853 US dollars and one dollar being worth 0.9214 euros.
Gold prices slipped slightly, with one fine ounce selling for 3,045 US dollars in the evening, equivalent to 90.21 euros per gram, a decline of 0.2%.
Meanwhile, the oil price rose significantly, with a barrel of Brent crude selling for around 72.17 US dollars at around 9 pm Central European Time, a 2.0% increase from the previous day’s close.