US stocks close mixed as fears for economic slowdown continue
New York: US stocks closed mixed as fears for economic slowdown continued.
The Dow Jones Industrial Average on Thursday fell 79.40 points, or 0.32 per cent, to 24,947.67. The S&P 500 was down 4.11 points, or 0.15 per cent, to 2,695.95, Xinhua news agency reported.
The Nasdaq Composite Index increased 29.83 points, or 0.42 per cent, to 7,188.26.
The US three-year treasury note yield surpassed its five-year note on Monday. The inverted yield curve caught investors’ attention because historical statistics showed that when short-term yields trade above longer-term rates a recession could follow.
Anxiety around a potential yield curve inversion sent the yield on the benchmark 10-year Treasury note and the 30-year Treasury bond to 2.892 per cent and 3.158 per cent respectively. Bond yields move inversely to prices.
On the data front, the US trade deficit increased 1.7 per cent to $55.5 in October, hitting a 10-year high, as soybean exports continued to decline and imports of consumer goods increased largely.
The non-manufacturing index rose to 60.7 in November as services sectors continued to expand, according to data released Thursday by the Institute for Supply Management.