US stocks begin Wednesday lower amid minor economic growth revision
Date
2/29/2024 3:57:53 AM
(MENAFN) On Wednesday, major stock exchanges in the US opened on a lower note, with a slight downward revision in economic growth observed in the last quarter. The Dow Jones declined by 221 points, equivalent to 0.54 percent, reaching 38,761 at 9:39 a.m. EDT, while the S&P 500 lost 13 points, or 0.27 percent, dropping to 5,064. Similarly, the nasdaq experienced a decrease of 64 points, marking a 0.4 percent decline, with the index standing at 15,971.
The Commerce Department's second reading indicated that the US economy expanded by 3.2 percent in the fourth quarter, slightly revised down from the initial reading of 3.3 percent reported last month.
Reflecting the market sentiment, the VIX volatility index, known as the fear index, rose by 1.5 percent to 13.64. Meanwhile, the 10-year US Treasury yield decreased by 0.16 percent to 4.309 percent.
In currency markets, the dollar index saw a modest increase of 0.18 percent to 104.01, while the euro dipped by 0.16 percent to USD1.0827 against the greenback.
Precious metals displayed mixed performances, as gold edged up by 0.14 percent to USD2,033 per ounce, while silver declined by 0.22 percent to USD22.40.
Oil prices showed marginal gains, with the global benchmark Brent crude rising by 0.34 percent to USD82.94 per barrel, and the US benchmark West Texas Intermediate crude increasing by 0.7 percent to USD79.43. These slight fluctuations reflect ongoing market dynamics and investor reactions to economic data and geopolitical events.
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