Economic Highlights 18.12.2024: U.S. Stocks Hit Grim Milestone
18 thg 12, 2024
U.S. Stocks, Gold, and Oil All Decline on December 17; Japan Approves $90 Billion Stimulus Package
At the close of trading on December 17, the Dow Jones Industrial Average fell 0.61% to 43,449.90 points. The S&P 500 dipped 0.39% to 6,050.61 points, while the Nasdaq Composite slid 0.32%, ending at 20,109.06 points.
This marked a historic low for the Dow Jones, recording its first nine-day losing streak since 1978.
On the same day, Japan’s Parliament approved a supplementary budget worth 13.9 trillion yen (approximately $90 billion) for the current fiscal year (ending March 2025). The stimulus package aims to boost economic activity, alleviate inflationary pressures, and fund reconstruction efforts following recent disasters.
Precious Metals Market: Modest Declines
The precious metals market saw slight declines. Spot gold dropped 0.3%, closing at $2,644.84 per ounce, while U.S. gold futures also fell 0.3% to $2,661.00 per ounce. The U.S. dollar edged up 0.1%, making gold more expensive for holders of other currencies.
The 10-year U.S. Treasury yield hovered near a four-week high early in the session ahead of the Federal Reserve’s meeting on December 18, where a 0.25% rate cut is anticipated.
Among other precious metals, January 2025 silver futures slipped 0.4% to $30.638 per troy ounce, while platinum futures for January 2025 rose slightly by 0.2% to $943.5 per troy ounce.
Energy Market: Oil Prices Drop
The energy market followed the broader downward trend. Brent crude futures declined by $0.72 (or 0.97%) to settle at $73.19 per barrel, while WTI crude futures fell by $0.63 (or 0.89%) to $70.08 per barrel.
Source: SFVN (Compiled)
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