Thu, 05 Aug 2021

Dow drops over 500 points as energy leads losses

19 Jun 2021, 06:55 GMT+10

NEW YORK, June 18 (Xinhua) -- U.S. stocks fell sharply on Friday, dragged down by a pronounced pullback in the energy sector.

The Dow Jones Industrial Average fell 533.37 points, or 1.58 percent, to 33,290.08. The S&P 500 decreased 55.41 points, or 1.31 percent, to 4,166.45. The Nasdaq Composite Index slid 130.97 points, or 0.92 percent, to 14,030.38.

All the 11 primary S&P 500 sectors ended in red, with energy down 2.92 percent, leading the losses.

U.S.-listed Chinese companies traded mostly lower with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

U.S. equities have been under pressure this week especially after the hawkish signals from the Federal Reserve.

The U.S. central bank on Wednesday kept its benchmark interest rates unchanged at the record-low level of near zero, while seeing possible rate hikes in 2023.

Moreover, median forecast among Fed officials calls for a 3.4-percent inflation by the end of this year, 1 percentage point up from the March projection.

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