US stocks end Thanksgiving week sharply lower

November 26, 2018

By IFCMarkets

Dollar strengthens while stocks decline

US stock market ended Friday’s short session on a down note. S&P 500 lost 0.7% to 2632.56, closing 3.8% lower for the week. Dow Jones industrial average fell 0.7% to 24285.95. The Nasdaq slid 0.5% to 6938.98. The dollar resumed strengthening: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, jumped 0.5% to 96.94 but is lower currently. Futures on three main US stock indices point to higher openings today.

Nd100  retreating below MA(200) Market Overview IFC Markets chart

DAX 30 leads European indices rebound

European stocks turned higher on Friday despite weak data. Both the GBP/USD and EUR/USD turned lower with euro gaining currently while the Pound continues falling against the dollar. The Stoxx Europe 600 Index added 0.4%, falling 1% for the week. The DAX 30 outperformed rising 0.5% to 11192.69. France’s CAC 40 gained 0.2% while UK’s FTSE 100 retreated 0.1% to 6952.86.

Hang Seng leads Asian indices gains

Asian stock indices are mixed today. Nikkei added 0.8% to 21812.00 with yen turning sharply lower against the dollar. Chinese stocks are falling: the Shanghai Composite Index is down 0.1% while Hong Kong’s Hang Seng Index jumped 1.7%. Australia’s All Ordinaries Index turned 0.8% lower as Australian dollar resumed its climb against the greenback.

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Brent futures prices are inching higher today after sharp drop Friday. Prices tumbled Friday as investors worried about rising global supply ahead of OPEC meeting next week. Brent for January settlement dropped 6.1% to close at $58.80 a barrel Friday, a 12% drop for the week.

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