Tue, 23 Jul 2019

U.S. shares make minor gains, dollar in demand

Lola Evans
18 Jun 2019, 09:46 GMT+10

NEW YORK, New York - Technology stocks made solid gains on Monday, while the broader industrial markets were less exuberant.

The main focus was on U.S. interest rates with the Federal Reserve holding their regular monthly meeting this week. The board is not expected to increase interest rates, however the decision will not be known until members provide their statement on Wednesday,

"You can't expect much of a bet to be made two days before what may or may not be a pivotal Fed meeting and announcement," Art Hogan, chief market strategist at National Securities Corporation told Reuters Thomson Monday.

The U.S. dollar consolidated recent gains.

At the close of trading Monday the Dow Jones Industrial Average was up 22.92 points, or 0.09%, at 26,112.53.

The Standard and Poor's 500 added 2.69 points, or 0.09%, to 2,889.67.

The Nasdaq Composite advanced 48.37 points, or 0.62%, to 7,845.02.

The euro was weaker on Monday at 1.1214, while the British pound fell to 1.2536.

The Japanese yen and Swiss franc were little changed at 108.55 and 0.9988.

The Canadian dollar too was unmoved at 1.3411.

The Australian and New Zealand dollars however continued to drift downwards. The Aussie was last quoted at 0.6853, and the kiwi at 0.6497.

In overseas markets, in London the FTSE 100 gained 0.16%.

The German Dax closed weaker, down by 0.09%.

In Paris, the CAC 40 added 0.43%.

In Asian markets, the Nikkei 225 finished ahead just 7.11 points or 0.03% at 21,124.00.

In China, the Shanghai Composite weakened by 23.12 points or 0.79% to 2,887.62.

The Hong Kong Hang Seng advanced 108.81 points or 0.40% to 27,227.16.

The Australian All Ords fell 24.20 points or 0.36% to 6,609.40.

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