Wall Street is set for the worst trading week for six years
On Friday, American stock markets were braced for starting flat to lower, thus putting both the Dow Jones Industrial Average and S&P 500 on course for their most impressive weekly losses for six years.
On Thursday, American equities went down 4%, thus overturning yesterday’s revenues and contributing to the sense that leaps in American government bond profits have started a sudden correction to 9 years of nearly unstoppable profits for Wall Street.
Both the Dow Jones Industrial Average as well as the benchmark S&P 500 index have slumped more than 10% since achieving their record maximums on January 26, while Thursday turned to be the second time this trading week that the index Dow headed south over 1,000 points.
If the Dow dares to conclude the day lower, then most probably it’s going to be its worst trading week since the climax of the financial meltdown in 2008.
American bond revenues went up because of strengthening hopes that a well performing US economy is going to generate higher inflation, to say nothing of a steady ascend in official interest rates in 2018.
Experts point out that cheap funds injected into the global economy by the Fed as well as other key financial institutions since the financial downtimes of 2008-2009 might bring adverse effects soon.
The revenue on benchmark 10-year American Treasuries that is prone to be the number one driver of borrowing costs worldwide, kept to 2.825%, sliding after American Congress passed a bill to finally cope with the everlasting federal shutdown, although it’s still close to a four-year maximum of 2.885% reached during Monday's selloff.
On Friday, the US House of Representatives had a bill passed to start financing the federal authorities through March 23 and also to step up overall spending limits for two years.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.