Daily Market Review – December 29, 2016
Stocks and Indices
Wall Street took a tumble on Wednesday, with the Dow Jones industrial average falling triple digits. The Dow Jones industrial average fell 113 points, or 0.56%. The Nasdaq and S&P 500 each dropped 0.84%, respectively.
Asian markets were mixed on Thursday, with the Japanese Nikkei 225 down 256.6 points, or 1.32% after Tobisha’s shares took a hit. In South Korea, the Kospi gained 2 points, or 0.1%, while Hong Kong’s Hang Seng was trading flat in the mid-afternoon. In mainland China, the Shanghai composite slipped 5.7 points, or 0.18%, while the Shenzhen composite declined 6.1 points, or 0.31%.
Oil prices held steady on Thursday, following an unexpected increase in U.S. inventories. Brent crude inched up 5 cents, trading at $56.27 per barrel, while U.S. light crude slumped 20 cents, at $53.86 per barrel.
The U.S. dollar fell to a two-week low against the Japanese yen as weak U.S. home-sales data drove investors to safe-haven currencies. The greenback was trading at ¥116.44, down from ¥117.25 late Wednesday. The buck was also down against the British pound, which was changing hands at $1.2265. The dollar index dropped to 102.72, down from 103.29, while the WSJ Dollar Index fell from 93.51 to 93.07.
In Syria, the government and rebel groups have agreed to a ceasefire, which will take effect on Thursday at midnight. According to Turkish sources, the two groups ISIS and Jabhat Fateh al-Sham are not part of the truce. According to Turkish Foreign Minister Mevlut Cavusoglu, Russia and Turkey are planning to act as guarantors under the ceasefire, despite the fact that both countries have previously backed opposing sides in the conflict.
*Featured image courtesy of Milonk/Shutterstock.