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Home / International Markets / US stocks fall, Dow Jones tumbles 0.7pc, S&P 500 sheds 0.9%
US stocks fall, Dow Jones tumbles 0.7pc, S&P 500 sheds 0.9%

US stocks fall, Dow Jones tumbles 0.7pc, S&P 500 sheds 0.9%

NEW YORK: US stocks dropped for a sixth session in seven overnight, as merchants detected the price of oil and considered the effect of worse energy costs and Russia’s monetary troubles on the Federal Reserve’s policy conclusions.
The Dow Jones Industrial Average dropped 0.7 percent while the S&P 500 shed 0.9 percent. The tech-heavy Nasdaq declined 1.2 percent. Wall Street will hear from the Fed on Wednesday, with focus on whether the central bank reiterates its vow to maintain rates low for a considerable period. “The US has been immune to events abroad so far, but perhaps [the Russian rouble’s collapse] will worry the Fed enough to exercise caution,” wrote IG market strategist Stan Shamu. “The fact the US dollar has been quite subdued this week could suggest traders are not overly convinced the fed will take a hawkish shift in language.” US crude futures fell nearly 1 percent on Wednesday to stay below USD 56 a barrel after industry data showed stockpiles unexpectedly rose last week, and as Russia failed to halt more steep falls in the value of the ruble. London Brent crude for January delivery was untraded yet, after settling down USD 1.20 at USD 59.86. In other news, at least 130 people, mostly children, were killed on Tuesday after Taliban gunmen broke into a school in the Pakistani city of Peshawar and opened fire, witnesses said, in the bloodiest massacre the country has seen for years.