The main indices closed lower on Wall Street, Tuesday, due to investors’ aversion to risk on the eve of the Federal Reserve (the US central bank) holding its two-day monetary policy meeting, according to Reuters.
The three indices ended the session lower amid widespread selling ahead of the central bank’s announcement of the interest rate decision, which is expected to remain unchanged.
According to preliminary data, the Standard & Poor’s 500 index fell by 9.84 points, or 0.22 percent, to close at 4,443.69 points, while the Nasdaq Composite index lost 32.05 points, or 0.23 percent, to 13,677.80 points. The Dow Jones Industrial Average fell 106.46 points, or 0.31 percent, to 34,517.84 points.
Gulf markets
Most stock markets in the Gulf region closed higher on Tuesday, ahead of the US Reserve’s decision on the interest rate, while the Egyptian Stock Exchange closed at a record high level.
The US Central Bank is expected to keep borrowing costs unchanged between 5.25 percent and 5.5 percent, on Wednesday. Traders will be looking for indications of how long the central bank is likely to keep interest rates around current levels.
Monetary policy in the six Gulf Cooperation Council countries is usually guided by the policy of the US Central Bank because most currencies in the Gulf countries are linked to the dollar.
The Saudi index rose 0.3 percent, ending two sessions of losses after Alinma Bank shares rose 1.9 percent and Saudi Arabian Mining Company (Maaden) shares jumped 4.9 percent.
2023-09-19 21:02:50
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