Friday, 18 December 2015

Wall Street dips as growth fears resurface after 3day rally

US stocks dropped Thursday on persistent concern over faltering global economic growth, led by declines in energy and materials shares, a day after shares had rallied on the Federal Reserve's decision to raise interest rates.

 Oil prices LCOc1 CLc1 extended recent declines on persistent oversupply worries and as the dollar hit a two-week high. Dow components Exxon and Chevron were down, by 1.5 and 3.1 percent, respectively. 

Newmont Mining, which fell 7.7 percent to USD 17.61, led declines on the materials index, which fell 1.9 percent. The S&P energy index .SPNY fell 2.5 percent. 

The day's fall followed three sessions of gains. On Wednesday, the market rallied after the Fed raised its benchmark rate by 25 basis points to between 0.25 and 0.50 percent, signalling confidence in the world’s largest economy. 

Investors' focus returned on Thursday, however, to concerns about weak global economic conditions as the slide in commodity markets continued unabated.

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