Sat, 23 Oct 2021

NEW YORK, New York - Lackluster trading on U.S. stock exchanges on Thursday saw the major indices in the red at the close.

"The problem with the market these days is it's rotating more than it's moving. Today, because of the jobs claims report, everyone is buying cyclical stocks," Jay Hatfield, chief executive of Infrastructure Capital Management in New York told the Reuters Thomson news agency Thursday.

"We see it as a rangebound market, between 4,400 and 4,600 (on the S&P 500)."

The Dow Jones industrials gave up 151.69 points or 0.43 percent to close at 4,493.38.

The Nasdaq Composite slid 38.38 points or 0.25 percent to 15,248.25.

The Standard and Poor's 500 eased 20.79 points or 0.46 percent to 4,493.28.

The U.S. dollar was mixed, but likewise little moved. The euro inched down to 1.1826. The British pound strengthened to 1.3839. The Japanese yen was slightly stronger at 109.70. The Swiss franc firmed to 0.9165.

The Canadian dollar rose to 1.2651. The Australian dollar was little changed at 0.7370. The New Zealand dollar moved fractionally higher to 0.7113.

Equity markets overseas were mixed. The CAC 40 know Paris rose 0.24 percent. The Dax in Germany was up 0.08 percent. The FTSE 100 in London however fell 1.01 percent.

In Asia, according to the Business Sun, the Australian All Ordinaries index finished the day down 148.10 points or 1.90 percent at 7,658.90.

The Japanese market which has been rallying since the mooted resignation of Prime Minister Yoshihide Suga last Friday finally took a breather. The Nikkei 225 fell 173.02 points or 0.53 percent to 30,008.19.

Surprisingly the key index in China closed higher. The Shanghai Composite gained 17.94 points or 0.49 percent to 3,693.13.

The Hang Seng in Hong Kong did worst, falling 604.93 points, or 2.30 percent, to close at 25,716.00.

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