Fri, 26 Feb 2021

U.S. stocks ease after president's impeachment

Lola Evans
15 Jan 2021, 07:13 GMT+10

NEW YORK, New York - U.S. stocks fell on Thursday following data showing a larger-than-expected increase in weekly unemployment claims, and the overnight impeachment of U.S. President Donal Trump by the House of representatives.

"The economy clearly needs additional support from Washington because right now rising jobless claims tells us the labor market recovery has stalled and the direction is full-tilt down," Chris Rupkey, Chief Economist at MUFG in New York told Reuters Thomson Thursday.

The Dow Jones finished with a 68.95 points or 0.22 percent loss at 30,991.52.

The Nasdaq Composite lost 16.31 points or 0.12 percent to 12,112.64.

The Standard and Poor's 500 slid 14.30 points or 0.38 percent to 3,795.54.

The U.S. dollar was lower Thursday following remarks by Fed Chairman Jerome Powell that interest rates are unlikely to rise soon.

The euro inched up to 1.2161. The British pound gained good ground, rising to 1.3692. The Japanese yen was sharply higher at 103.71. The Swiss franc was only a fraction stronger at 0.8873.

The Canadian dollar strengthened to 1.2637. The Australian dollar was in demand at 0.7785, while the New Zealand dollar advanced solidly to 0.7230.

Elsewhere, in the UK, London's FTSE 100gained 0.84 percent. The Greman Dax rose 0.35 percent. The Paris-based CAC 40 advanced 0.33 percent.

On Asian markets, the Nikkei 225 hit a three-decade peak, closing 241.67 points or 0.85 percent higher at 28,698.26.

The Australian All Ordinaries rose 28.80 points or 0.41 percent to 6,982.70.

The Hang Seng in Hong Kong rallied 261.26 points or 0.93 percent to 28,496.86.

China's Shanghai Composite, going against the trend, fell 32.75 points or 0.91 percent to 3,565.90.

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