Wed, 05 Aug 2020

Dow Jones virtually unchanged at close

Lola Evans
12 Feb 2020, 07:11 GMT+10

NEW YORK, New York - U.S. stocks were flat on Tuesday with little movement in either direction.

A good report card from Fed Chairman Jerome Powell helped to limit losses over the escalating coronavirus. "We find the U.S. economy in a very good place, performing well," the Fed chief told the U.S. House of Representatives Financial Services Committee on Tuesday.

The U.S. economy is running at a little over 2% growth in GDP per annum.

"Over the second half of last year, economic activity increased at a moderate pace and the labor market strengthened further, as the economy appeared resilient to the global headwinds that had intensified last summer. Inflation has been low and stable but has continued to run below the Federal Open Market Committee's (FOMC) symmetric 2 percent objective," Powell said.

The Dow Jones closed down 0.48 of a point at 29,276.34.

The Standard and Poor's 500 added 5.66 points or 0.17% to 3,357.75.

The Nasdaq Composite climbed 10.55 points or 0.11% to 9,638.94.

The euro was a tad stronger on foreex markets at 1.0921. The British pound was a fraction ahead at 1.2955. The Japanese yen was unchanged at 109.74. The Swiss franc advanced a touch to 0.9753.

The Canadian dollar was slightly higher at 1.3292. The Australian dollar continued to rebound from its 0.6656 GFC level, to trade at 0.6712.

The New Zealand dollar gained slightly to 0.6403.

In overseas equity markets, the German Dax rose 0.99%. The Paris-based CAC 40 climbed 0.65%.

In London, the FTSE 100 strengthened by 0.71%.

Stocks in Asia were higher on Tuesday. Good gains were made on Chinese bourses, and in Australia. Japanese markets were closed for a holiday.

At the close of trading Tuesday, the Australian All Ordinaries was ahead 43.40 points or 0.61% at 7,151.40.

The Hong Kong Hang Seng rose 342.54 points or 1.25% to 27,583.88.

China's Shanghai Composite gained 11.19 points or 0.39% to 2,901.67.

The euro remained weak, close to its four month low at 1.0911.

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