Thu, 05 Aug 2021

Wall Street directionless as traders wait on Fed

Lola Evans
15 Jun 2021, 06:10 GMT+10

NEW YORK, New York - U.S. stocks began the week mixed as investors and traders were hesitant to push markets one way or the other, in anticipation of the U.S. Federal Reserve monetary policy meeting later in the week.

"The market is looking for the Fed to not be dramatically alarmed about fears of inflation, or move too soon with tapering," Thomas Hayes, chairman and managing member of Great Hill Capital LLC in New York told The Associated Press Monday.

"For this market to push higher, tech has to start to perform."

Technology stocks did perform Monday, rising for the sixth session out of the last 7. The Nasdaq Composite claimed an additional 104.72 points or 0.74 percent, to close at 14,175.14.

The Dow Jones slumped 85.85 points or 0.25 percent to 34,393.75, however, the benchmark index had been much deeper in the red earlier in the day.

The Standard and Poor's 500, trading at record levels, managed a small gain despite spending most of the day in negative territory. Bargain-hunting lifted the key index to a 7.71 points or 0.18 percent gain, to 4,255.15 by the close.

The U.S. dollar was little changed, losing a few basis points against some currencies, and gaining on others.

The euro rose a tad to 1.2120. The British pound inched higher to 1.4110. The Japanese yen sank to 110.08. The Swiss franc eased to 0.8997.

The Canadian dollar was little changed at 1.2143. The Australian dollar steadied at 0.7711. The New Zealand dollar edged up to 0.7143.

On overseas markets, the FTSE 100 in London rose 0.18 percent. In Paris, the CAC 40 climbed 0.24 percent. The German Dax appreciated by 0.13 percent.

In Asia, the Australian stock market was closed for the Queen's Birthday holiday weekend.

In Japan the Nikkei 225 did best, rising 213.07 points or 0.74 percent to close Monday at 29,161.80.

China's Shanghai Composite declined 21.11 points or 0.58 percent to 3,589.75.

In Hong Kong the Hang Seng rose 103.23 points or 0.36 percent to 28,8.13.42.

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