NEW YORK (dpa-AFX) – Recovery attempts on the US stock market petered out on Tuesday. Above all, the sharp rise in energy prices again thwarted the plans for the shares in the end. The leading index Dow Jones Industrial had reached its daily high after all, by almost two percent struggled upwards. At the end of trading, the Dow was down 0.56 percent to 32,632.64 points. Rising yields on the US bond market are also likely to have prompted caution in stock trading.
The market-wide S&P 500 
lost 0.72 percent to 4170.70 points. Featuring the tech-heavy select index Nasdaq 100 it went down by 0.39 percent to 13,267.61 points.
Trading was again characterized by great nervousness. This was also due to the fact that energy prices rose sharply again. The WTI oil price just missed another high since 2008. In response to Russia’s war of aggression against Ukraine, the United States bans imports of oil from Russia. US President Joe Biden signed a corresponding decree on Tuesday.
With these restrictions, the US is likely to move forward first, wrote Ben Laidler, strategist at investment platform eToro. Because Europe is far more dependent on Russian oil than the USA and is therefore only able to act to a limited extent when it comes to the embargo. US oil imports from Russia accounted for less than 1 percent of the country’s total oil consumption. Basically, high energy prices slowed growth and fueled inflation, Laidler said.
However, investors took price gains with some of the recently sharply increased stocks from the energy sector in the course of trading. Occidental Petroleum, ConocoPhillips and Marathon Oil all lost ground. The papers of other oil companies, on the other hand, continued to increase, such as the shares of Chevron in the Dow Jones Industrial with plus 5.2 percent.
Caterpillar shares took the lead on the Dow. A buy recommendation from the investment bank Jefferies caused the price to rise by almost seven percent. The manufacturer of construction and mining machinery will benefit indirectly from the rally on the raw materials markets, it was said in justification.
Several well-known US companies announced on Tuesday that they would be ending business in Russia, including Coca-Cola, Pepsico and Starbucks. Share prices fell by half a percent to four percent.
The euro rate recovered from recent declines and last traded at $1.0906. The European Central Bank had set the reference rate at 1.0892 (Monday: 1.0895) dollars. The dollar had cost 0.9181 (0.9150) euros.
Treasuries fell again, the 10-year Treasury futures contract (T-Note-Future) fell 0.67 percent to 127.22 points. In return, the yield on ten-year government bonds rose to 1.86 percent./bek/he
— By Benjamin Krieger, dpa-AFX —
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