Profit-taking hits US stocks, Europe shrugs off recessionBusiness — The Guardian Nigeria News – Nigeria and World News


NEW YORK, NY – JULY 27: Taders works on the floor of the New York Stock Exchange (NYSE) during the evening of July 27, 2016 in New York City. The dollar fell Wednesday as the U.S. Federal Reserve’s latest policy statement caused investors to reassess expectations for interest rate increases in the coming months. Kena Betancur/Getty Images/AFP

US markets were hit by a bout of profit-taking on Friday, while in Europe investors largely shrugged off data confirming the eurozone is back in recession.

Weaker-than-expected Chinese numbers also dented sentiment, with Asia’s main equity indices closing out the week lower.

Wall Street had powered to fresh highs Thursday on news US growth had accelerated more than six percent in the first quarter and jobless claims continued to fall to new pandemic-era lows.

US indices are benefitting also from outsized earnings this week from tech heavyweights Apple, Facebook and Google.

A bit of profit-taking appeared to be setting in on Friday in…

Source: Guardian Newspaper