- October 15, 2022
- Posted by: Stratford Team
- Category: Economy
- Wall St stocks tumble, dollar climbs, Treasury yields up
- Oil futures hurt by demand concerns
- UK PM firing of finance minister fails to reassure investors
NEW YORK, LONDON, Oct 14 (Reuters) – Wall Street stocks closed sharply lower on Friday as investors worried about inflation and rising interest rates while the dollar rose against the yen and sterling after the British prime minister’s firing of her finance minister.
Sterling fell sharply after Britain’s Liz Truss fired finance chief Kwasi Kwarteng and scrapped parts of their economic package, which had caused an uproar in financial markets. The dollar also kept rising against Japan’s beleaguered yen, hitting a fresh 32-year peak of 148.86.
Oil settled sharply lower as recession concerns translated to worries about demand.
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In U.S. Treasuries, benchmark 10-year yields gained some ground after data showed U.S. retail sales were unexpectedly flat in…
