NEW YORK (dpa-AFX) – The US stock markets paid some tribute to their recent recovery rally and fell moderately on Wednesday. However, all leading indices made up for most of their clear initial losses in late trading. The rebound was led by a rally in oil stocks, which benefited from an agreed output cut by oil alliance Opec+. Fresh US economic and labor market data had little impact on prices.
The Dow Jones Industrial (Dow Jones 30 Industrial) closed down 0.14 percent at 30,273.87 points. The market-wide S&P 500 fell 0.20 percent to 3783.28 points. The technology index NASDAQ 100 lost 0.08 percent to 11,573.18 points.
On the first two trading days in October, the US stock exchanges had already made up more than five percent of ground after hitting two-year lows. As a course driver, hopes for a less rigid monetary policy by the US Federal Reserve after economic data came in slightly weaker than expected.
The organization Opec+ is reducing its oil production. From November onwards, the association of 23 countries wants to produce two million barrels (159 liters each) less oil per day. It’s the biggest cut in production in a long time. The move is intended to at least stabilize the oil price, which has recently fallen by up to 30 percent. These increased significantly after the decision.
Accordingly, Chevron’s shares were among the top values in the Dow with a plus of 0.6 percent. ExxonMobil stock rose more than 4 percent as the best performer in the S&P 100 index.
The shares of the short message service Twitter recorded a price decline of 1.4 percent. However, they had shot up by a good 22 percent the day before after the tech billionaire and Tesla boss (Tesla) Elon Musk had surprisingly given up its opposition to the agreed takeover. Tesla stocks fell 3.5 percent, bringing up the rear in the S&P 100 index.
The euro was last traded at $0.9886. The European Central Bank had fixed the reference rate on Wednesday at 0.9915 (Tuesday: 0.9891) dollars. The dollar had thus cost 1.0085 (1.0110) euros.
US government bonds fell. The futures contract for ten-year Treasuries (T-Note Future) recently lost 0.83 percent to 112.56 points. In return, the yield on ten-year government bonds rose to 3.76 percent./edh/he