Wall Street concludes lower following worries around Syria and soaring interest rates

Wall Street concludes lower following worries around Syria and soaring interest rates

On Thursday, the American stock market headed south because the likelihood of US military action against Syria provoked investors' concerns about geopolitical risks for the American economy, while the protocol of the Fed's gathering made them worry about speeding up rates.

On Wednesday, American President Donald Trump warned Russia on Tweeter about Washington's forthcoming response to the alleged chemical attack in Syria’s Duma, promising that the missiles will show up and criticizing Moscow for supporting the Syrian President Bashar Assad.

Increased tension led to an increase in crude prices, as a result of which the energy sector managed to gain 1%. However, the flight from risk exerted pressure on the yield of US Treasury bonds, which led to a 1.3% decline in the financial sector.

The main indexes of Wall Street accelerated the decline after the publication of the minutes of the Fed meeting, pointing to the concern of some representatives of the regulator's management that the increase in inflation could be the reason for a faster than anticipated rate lift.

Members of the top management of the Fed unanimously voted to lift the cost of borrowing by a quarter of percentage points and also expressed confidence that the American economy will strengthen, and inflation will edge up in the coming months.

The Dow Jones concluded the trading session down by approximately 0.9% ending up with 24,189.45. As for the S&P 500 index, it slumped by 0.55% hitting 2.642.19, the Nasdaq Composite index dipped by 0.36% reaching 7,069.03.

Market participants tell they are waiting for reports of companies that can support the stock market. Such financial institutions as Banks JPMorgan Chase&Co, Citigroup Inc as well as Wells Fargo & Co are expected to report their results on Friday.


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