The Dow logged its third-straight loss as stocks fell across the board Wednesday after the 10-year Treasury yield hit a five-week high following better-than-expected economic data in the U.S. Specifically, retail sales rose 0.6% in November, hinting at consumers' resilience and casting doubt regarding the Federal Reserve's anticipated aggressive rate cuts.
INTEREST RATE FEARS SEND GOLD PRICES TO 1-MONTH LOWS
Oil prices gained Wednesday, even after the U.S. dollar stood near a one-month high and anxieties heightened over energy demand outlook. For the session, West Texas Intermediate (WTI) crude for the February contract added 16 cents, or 0.2%, to finish at $72.56 per barrel.
Dimming hopes of interest rate cuts sent gold prices to over one-month lows. February-dated gold lost $23.70, or 1.2%, to close at $2,006.50 per ounce today.
More By This Author:
Stocks Slip As Global Inflation Fears Fester
Wall Street Weighed Down By Hawkish Fed Comments
Stocks Struggle As Bond Yields, VIX Rise
Comments
Log in or sign up to join the conversation.