US market close: Wall Street turns red amid record US inflation
By Joseph Toppe
21:12, 11 February 2022
The market bottomed out on Friday as investors remain cautious following yesterday’s inflation report from the US Department of Labor.
The Dow Jones Industrial Average (US30) lost 503 points, or 1.43%, the S&P 500 went down 1.90%, while the Nasdaq Composite (US100) lost 2.78%.
Halfway through the session, the Dow was up approximately 158 points, or 0.45%. The S&P was up around 0.16%, and the Nasdaq was roughly 0.04% lower.
Winners & losers: Cruise lines sink
In the beverage industry, PepsiCo is up 0.12%, Coco-Cola is down 1.78%. Monster Beverage fell 1.23%, and Molson Coors added 1.14%.
The cruise line industry is off on Friday as shares of Carnival went down 4.67%, Norwegian Cruise Line fell 5.26%, and Royal Caribbean sank 4.41%.
In the aviation sector, shares of American Airlines lost 5.88%, Delta Airlines dropped 3.58%, while Southwest Airlines retreated 2.15%, and United Airlines fell 4.61% into negative territory.
What is your sentiment on US30?
Oil: At seven-year high
Oil futures are up to close the week as West Texas Intermediate crude for March delivery spiked $3.22, or 3.6%, to close at $93.10 a barrel on the New York Mercantile Exchange, while April Brent crude, the global benchmark, went up $3.03, or 3.3%, to end at $94.44 a barrel on ICE Futures Europe.
In energy stock, shares of Hess popped 4.02%, and Exxon Mobil went up 2.52%.
Gold: Rebounds
Gold futures went up in afternoon trading as gold for April delivery jumped $4.70, or 0.3%, to close at $1,842.10 an ounce.
Crypto: Tanks
Prominent cryptocurrencies are down across the board on Friday with bitcoin off 2.74%, ethereum off 5.93%, while litecoin and monero are 6.89% and 7.07% lower respectively.
In other digital assets, bitcoin cash is down 6.63% while dogecoin is 4.85% lower.
Treasury: Falls back
On Friday, the yield on the benchmark 10-year Treasury note slipped to 2.001% after settling at 2.028% yesterday.
Forex: USD moves again
The US dollar went back up to $0.88 of the euro, while holding at $0.74 of the British pound sterling, and $1.27 of the Canadian dollar.
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