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Wall Street closes in red and the Dow Jones loses 1.02%

Wall Street closed this Tuesday in red and the Dow Jones Industrials, its main indicator, broke three consecutive days of ascents and lost 1.02%.

At the end of operations on the New York Stock Exchange, the Dow Jones fell to 34,946 points, while the selective S&P 500 fell 1.16%, to 4,437 integers.

Also the composite index of the Nasdaq market, which groups technology companies, lost 1.14%, up to 13,631 units.

Analysts attribute today’s drop to negative data from China, in addition to concerns generated in the US banking sector.

The industrial production of the Asian giant grew by 3.7% year-on-year in July, a figure that represents a slowdown compared to the data for June (4.4%) and that is below the most widespread forecasts among analysts, who expected an advance around 4.7% compared to the same period in 2022.

In addition, the People’s Bank of China lowered rates by 15 basis points to 2.5%.

In an internal key, the Fitch rating agency said it could lower the rating of dozens of banks, including the giant JPMorgan Chase, Bank of America and Wells Fargo, which closed with falls of between 2 and 3%.

By sectors, everything was in the red at today’s close, with energy (-2.44%), financial (-1.8%) and public services (-1.69%) bearing the brunt.

In the Dow 30, practically everything was loss, highlighting, in addition to large banks, those of Dow Inc (-3.34%), Intel (-2.55%) and Caterpillar (-2.52%).

In other markets, Texas oil closed down at 80.99 dollars a barrel (74.27 euros at today’s exchange rate), gold also fell to 1,934.2 dollars an ounce and the treasury bond at ten years rose to 4.217%.

Source: Elcomercio

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