Lola Evans
11 May 2022, 06:09 GMT+10
NEW YORK, New York - U.S. stocks attempted to rally on Tuesday after a 3-day losing streak.
It was not to be as sellers cornered the market towards the close.
"We're in a market where you just can't hold on to any rallies," Paul Hickey of Bespoke Investment Group told CNBC's "TechCheck" on Tuesday. "It's not surprising given the overall trends we've seen over the last several days and I think we're just going to see more of this going forward."
"At this point, it's just fear-based selling," Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma told Reuters news agency Tuesday.
"It can't just be the Fed's going to raise rates to stave off inflation, because we've seen that before," he said. "Instead, investors are worried about everything from rates and inflation to the war in Ukraine, supply chain problems, and China's COVID-19 lockdowns," Dollarhide said.
Technology stocks did best Tuesday with the Nasdaq Composite gaining 114.42 points or 0.98 percent to close at 11,737.67. The benchmark tech index however had been ahead more than two percent earlier in the day.
The Dow Jones industrials fell 84.96 points or 0.26 percent to 32,160.74.
The Standard and Poor's 500 climbed 9.82 points or 0.25 percent to 4,001.06.
On foreign exchange markets, the U.S. dollar edged lower earlier, however, late in the day dollar bulls emerged to send the currency higher.
The euro which had rallied to 1.0585 earlier wilted to 1.0529 approaching the New York close Tuesday.
The British pound dipped to 1.2306. The Japanese yen inched down to 130.42.
The Canadian dollar weakened to 1.3026. The Australian dollar declined to 0.6934. The New Zealand dollar dived to 0.6285.
On overseas equity markets, the Dax in Germany rose 1.15 percent. The Paris-based CAC 40 added 0.51 percent. In London, the FTSE 100 was up 0.37 percent.
In Japan, the Nikkei 225 closed out the day with a 152.24 points or 0.58 percent loss at 26,167.10.
The Australian All Ordinaries, after being substantially lower, recovered somewhat to close Tuesday down 72.70 points or 0.99 percent at 7,285.20,
In New Zealand, the S&P/NZX 50 declined 152.25 points or 1.34 percent to 11,229.45.
The Kospi Composite in Seoul fell 14.25 points or 0.25 percent to 2,596.56.
The Hang Seng in Hong Kong closed down 368.27 points or 1.84 percent at 19,633.69.
China's Shanghai Composite, going against the trend, rose 31.70 points or 1.06 percent, to close Tuesday at 3,035.84.
Get a daily dose of Beijing Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Beijing Bulletin.
More InformationRepresentative Mike Gallagher, chair of the U.S. House of Representatives committee on China, says that after Beijing banned the sale ...
Washington - The director of the leading U.S. cybersecurity agency has a message for scientists and top technology company officials ...
PNNNew Delhi [India], May 31:Justagg's launch comes in response to the evolving needs of the digital era where convenience, adaptability, ...
SRV MediaNew Delhi [India], May 31:Given that law is a vast field which a successful lawyer is eligible to explore, ...
The tech billionaire has warned of a massive meltdown in the country's real estate sectorThe US commercial real estate sector ...
Mumbai (Maharashtra) [India], May 31 (ANI): Reserve Bank of India (RBI) Deputy Governor MK Jain said that effective risk management, ...
NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...
PORTLAND, Maine: Fishermen in the US's only commercial-scale fishing industry for valuable baby eels, called elvers, have recorded a productive ...
LAS VEGAS, Nevada: A bill was introduced in the Nevada Legislature to provide the Oakland Athletics up to $380 million ...
WASHINGTON D.C.: Due to one of the tightest labor markets in decades, teenagers, who have been vital for filling summer ...
NEW YORK, New York - Republicans were in uproar Tuesday over the deal hammered out by President Joe Biden and ...
DETROIT, Michigan: After Ford Motor Co announced an agreement with Tesla to allow autos to be charged using the Tesla ...