Stocks mixed after Evergrande losses
U.S. Stocks finish mixed after global market sell off on Evergrande losses. The S&P 500 down by 0.08%, trading at 4.354.19, and the Dow jones index also down by 0.15%. The Nasdaq however, trades up by 0.22%. Traders turn their attention to the start of the Federal Reserve’s latest two-day monetary policy-meeting, where the central bank is expected to give hints about curtailing its massive stimulus that’s helped contain the worst economic effects of COVID-19. Yields on Long-dates treasury rose Tuesday to 1.323%, compared with 1.308% on Monday, a day after the biggest one-day fall in treasury yields in about six weeks.
European shares rose on Tuesday after their biggest fall in two months on easing worries about the spillover from the crisis at China’s Evergrande, while music label Universal Music Group soared 35% in its stock market debut. The pan-European STOXX 600 was up 1.0% after sinking to a two-month low in the previous session. Germany stocks were higher after the close on Tuesday, as gains in the Financial Services, Pharmaceuticals & Healthcare and Software sectors led shares higher. At the close in Frankfurt, the DAX rose 1.43%, while the MDAX index climbed 0.53%, and the TecDAX index climbed 2.07%.
The Russian stock market ended Tuesday on an upward trend. In the morning, the Russian stock market bounced up to the area of 3990 points on the Moscow Exchange index as part of the correction after sales the day before; Rosneft securities were in the lead on the news and Mechel securities that were not included in the calculation of the main indices. By the evening, the correctional growth of the Russian stock market stalled on the way to the 4000-point mark on the Moscow Exchange index. The Moscow Exchange index added only 0.02% and amounted to 3970.48 points. The RTS index rose 0.6% to 1,710.90 points.
Oil prices edged higher in a see-saw session, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand. U.S. crude settled up 0.4% at $70.56 per barrel and Brent settled at $74.36, up 0.6% on the day.