Wall Street weakens after oil prices jump 12%

NEW YORK, New York – Soaring oil prices undermined stocks trading on Wall Street on Monday, but losses in the end were moderate.

Oil jumped by more than 12% at one stage after Saturday’s attacks on the major Saudi Aramco oil facilities in Saudi Arabia.

The U.S. dollar rose strongly across-the-board as investors opted for the safety of the greenback.

At the close of trading Monday the Dow Jones industrials were down 143.24 points or 0.53% at 27,076.28.

The Standard and Poor’s 500 lost 9.43 points or 0.31% to 2,997.96.

The Nasdaq Composite shed 23.17 points or 0.28% to 8,153.54.

The euro tumbled to 1.1007 by the New York close, after flirting with the 1.1100 level earlier in the day.

The British pound fell to 1.2424. The Japanese yen softened to 108.06, while the Swiss franc weakened to 0.9930.

The Canadian dollar dropped to 1.3246. The Australian dollar was only lightly easier at 0.6868. The New Zealand dollar sank to 0.6345.

On overseas markets, the German Dax declined 0.71%. In London the FTSE 100 lost 0.63%. The Paris-based CAC 40 was off 0.94%.

On Asian markets, In Tokyo, the Nikkei 225 rose 228.69 points or 1.05% to 21,988.29.

In China, the Shanghai Composite was barely changed, down 0.48 of a point or 0.02% to 3,030.75.

The Australian All Ordinaries edged up 4.90 points or 0.07% to 6,782.00.

Published at Mon, 16 Sep 2019 20:08:26 +0000

Source: Wall Street weakens after oil prices jump 12%.

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