US stocks close lower on falling oil

New York, March 24 (IANS) US stocks ended lower as a renewed decline in oil prices weighed on Wall Street.

The Dow Jones Industrial Average dipped 79.98 points, or 0.45 percent, to 17,502.59 on Wednesday, Xinhua news agency reported.

The S&P 500 lost 13.09 points, or 0.64 percent, to 2,036.71. The Nasdaq Composite Index went down 52.80 points, or 1.10 percent, to 4,768.86.

Oil prices tumbled on Wednesday after figures showed US crude stockpiles rose last week by more than expected, with US oil settling below $40 a barrel.

US crude supplies gained 9.4 million barrels to 532.5 million barrels last week, 65.9 million barrels more than one year before, according to the weekly report released by the Energy Information Administration Wednesday.

Investors were still assessing the impacts of Tuesday’s explosions in Brussels, Belgium, that left at least 34 people dead and over 200 wounded.

Chinese shares open lower

Chinese stocks opened lower on Thursday with the benchmark Shanghai Composite Index down 0.77 percent, at 2,986.8 points.

The smaller Shenzhen index opened 0.92 percent lower at 10,346.56 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, declined 1.1 percent to open at 2,234.22 points.

Chinese yuan weakens

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 214 basis points to 6.515 against the US dollar on Thursday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here