Published: Tue, September 26, 2017
Business | By Max Garcia

USA markets close lower

USA markets close lower

Technology stocks slammed into reverse on Monday, and the losses overshadowed gains in other areas of the market to send broad USA indexes lower. The tech-heavy Nasdaq, slumped almost one-percent, at 6,370.5-9, the sharpest single session dip since early this month, with its largest market cap Apple sliding for the fourth straight session. Marathon Oil gained 2.6 percent, and Noble Energy rose 2.7 percent.

TECH TURBULENCE: Tech stocks in the S&P 500 lost 1%, the steepest drop among the 11 sectors that make up the index.

- West Texas Intermediate crude rose 3 percent to $52.18 a barrel, the highest since April.

MARKETS ABROAD: Germany's DAX index was virtually flat after Chancellor Angela Merkel won a fourth term. The results sent the euro lower and underscored the challenge Merkel has in forming a coalition with new partners to lead Europe's biggest economy.

The Dow Jones Industrial Average sunk 53.50 (-0.24 percent) to close at 22,296.09. The Russell 2000 index rose 4 points, or 0.3%, to 1,454.

Copper lost 0.08 percent to $6,452.00 a tonne.

Investors are awaiting a speech by Federal Reserve Chair Janet Yellen, set to speak on Tuesday, following the Federal Open Market Committee's hawkish tone at the end of last week's meeting.

North Korea's Ri Yong Ho's comments on Monday startled markets in the USA, coming days after the Pentagon sent planes near North Korea's border in a heightened show of force. US markets also kept an eye on the latest domestic political developments, with the most recent effort to overhaul the health-care system on life support and a Republican tax proposal still lacking details. That in turn pushed down yields.

- Britain's 10-year yield fell two basis points to 1.334 percent. On the Nasdaq, 1,656 issues fell and 1,075 advanced.

COMMODITIES: The price of gold had been down in morning trading, but it quickly reversed course following the North Korean statement.

CURRENCIES: The euro fell to $1.1882 from $1.1941, and the British pound slipped to $1.3519 from $1.3527. It rose $10.80 to $1,308.30 per ounce.

General Motors GM.N rose 2.36 percent after Deutsche Bank upgraded the automaker's stock to "buy", pointing to its autonomous vehicles, which could be ready for deployment within quarters. The dollar inched up to 112.15 yen from 112.05 yen.

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