Investing.com - U.S. stocks fell on Friday, extending the week’s losses as concerns that world central banks will soon start unwinding monetary easing policies spooked investors.
Market sentiment was hit by growing expectations that the Federal Reserve will begin to taper its USD85 billion-a-month bond purchasing program later this year, sparking a broad sell-off in global equities and commodities.
The Dow Jones industrial average was down 0.7% on Friday and ended the week 1.2% lower. The S&P 500 lost 0.59%, and was down 1.0% for the week. The Nasdaq fell 0.63% on Friday.
A series of weaker-than-expected U.S. economic data releases on Friday raised concerns over the outlook for the economic recovery ahead of this week’s upcoming Federal Reserve policy meeting.
Data showed that the University of Michigan’s consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.
Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.
Investors will be looking to Fed Chairman Ben Bernanke’s post policy meeting press conference on Wednesday for any indication on when the U.S. central bank may start to scale back its easing policies.
In Asia, Japan’s Nikkei rose 1.9% after tumbling 6.4% on Thursday. The Nikkei entered a bear market on Thursday, retreating more than 20% from a May 22 high. Meanwhile, China's Shanghai Composite was up 0.6%.
In Europe, the benchmark Stoxx Europe 600 was up 0.2% on Friday. Earlier in the day, official data showed that consumer inflation in the euro zone remained unchanged at 1.4% from a year earlier in May.
Germany's DAX was up 0.4% at the close. France's CAC 40 rose 0.19%, while Britain's FTSE 100 was just 0.06% higher for the day.
Elsewhere, oil prices rose to nine-month highs on Friday, with contracts for August delivery settling at USD98.07 a barrel, up 1.45% amid mounting concerns over a disruption to supplies from the Middle East.
Gold was also higher, with futures for August delivery rising 0.9% to USD1,390.05 a troy ounce.
Market sentiment was hit by growing expectations that the Federal Reserve will begin to taper its USD85 billion-a-month bond purchasing program later this year, sparking a broad sell-off in global equities and commodities.
The Dow Jones industrial average was down 0.7% on Friday and ended the week 1.2% lower. The S&P 500 lost 0.59%, and was down 1.0% for the week. The Nasdaq fell 0.63% on Friday.
A series of weaker-than-expected U.S. economic data releases on Friday raised concerns over the outlook for the economic recovery ahead of this week’s upcoming Federal Reserve policy meeting.
Data showed that the University of Michigan’s consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.
Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.
Investors will be looking to Fed Chairman Ben Bernanke’s post policy meeting press conference on Wednesday for any indication on when the U.S. central bank may start to scale back its easing policies.
In Asia, Japan’s Nikkei rose 1.9% after tumbling 6.4% on Thursday. The Nikkei entered a bear market on Thursday, retreating more than 20% from a May 22 high. Meanwhile, China's Shanghai Composite was up 0.6%.
In Europe, the benchmark Stoxx Europe 600 was up 0.2% on Friday. Earlier in the day, official data showed that consumer inflation in the euro zone remained unchanged at 1.4% from a year earlier in May.
Germany's DAX was up 0.4% at the close. France's CAC 40 rose 0.19%, while Britain's FTSE 100 was just 0.06% higher for the day.
Elsewhere, oil prices rose to nine-month highs on Friday, with contracts for August delivery settling at USD98.07 a barrel, up 1.45% amid mounting concerns over a disruption to supplies from the Middle East.
Gold was also higher, with futures for August delivery rising 0.9% to USD1,390.05 a troy ounce.