The stock markets in New York have had a weak half year.
(Photo: AP)
new York After the long weekend in the US, the economic pessimists are back at the helm on Wall Street. The leading index Dow Jones lost 1.8 percent on Tuesday. The broader S&P 500 fell 1.2 percent. The technology-heavy Nasdaq, on the other hand, was almost unchanged at the level of the previous day.
“Recession concerns are dominating the market,” said Sam Stovall, chief investment strategist at research house CFRA. “The key question now is how much disappointing the second quarter numbers and outlook will be given the slowing economy.”
Against this background, some investors fled to “safe havens” such as the world’s leading currency. The dollar index, which reflects the exchange rate for important currencies, rose by up to 1.4 percent and was quoted at 106.60 points, the highest it was almost 20 years ago. US government bonds were also in demand, with the yield on ten-year bonds falling below 2.8 percent.
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