Tuesday , October 19 2021

Wall Street ends in decline, fears for growth and taxation



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THE USE OF NEW YORK IS LESS ENDED

THE USE OF NEW YORK IS LESS ENDED

by Stephen Culp

The New York Stock Exchange closed lower on Tuesday, obsessed with uncertain growth or tax prospects in the United States, despite gains at the beginning of the session after the monthly inflation statistics.

The rise in key consumer prices in the United States slowed sharply in August, to its weakest pace in six months, which in the eyes of investors would distract investors from the prospect of a rapid tightening of Reserve monetary policy.

But optimism following the release of the statistics weakened during the meeting due to doubts about the strength of the US economic recovery or the possible adoption of the $ 3.5 trillion budget proposal by Joe Biden, which could include corporate tax rate increase from 21% to 26.5%.

“Several statistics have fallen short of expectations, and this coincides with the rise of the Delta (new coronavirus) variant,” said Paul Nolte (Kingsview Asset Management), a portfolio manager in Chicago.

The Dow Jones industrial average fell -0.84%, or 292.06 points, to 34,577.57 points.

The biggest S & P -500 fell 25.6 points, or -0.57%, to 4,443.13 points.

The Nasdaq Composite fell 67.82 points (-0.45%) to 15,037.76 points.

In terms of prices, Apple fell by 0.95% after the introduction of its new smartphone, iPhone 13, a new tablet and a new Apple Watch.

The share of German biotechnology CureVac in New York decreased by 8% after the cancellation of the production contract for the candidate vaccine COVID-19 with the Swiss group Celonic and the German Wacker.

(French edition Jean-Stéphane Brosse)

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