NEW YORK, Aug 10 — Global share prices treaded water yesterday as sharp falls in gold and oil prices and concerns over the spread of the Delta coronavirus variant dented sentiment.The Dow Jones Industrial Average fell 106.66 points, or 0.3 per cent, to 35,101.85, the S&P 500 lost 4.17 points, or 0.09 per cent, to 4,432.35 and the Nasdaq Composite added 24.42 points, or 0.16 per cent, to 14,860.18.
Oil prices fell as much as 4 per cent, extending last week’s steep losses on a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. Gold slumped to a more than four-month low as strong US jobs data bolstered expectations for an early tapering of the Federal Reserve’s economic support measures.
Holidays in Tokyo and Singapore made for thin trading conditions, adding to the volatility. After an initial fall, MSCI’s broadest index of Asia-Pacific shares outside Japan recovered to be up 0.1 per cent. Investors were still assessing whether Friday’s strong US payrolls report would take the Federal Reserve a step nearer to winding back its stimulus.
Data for July CPI due this week is expected to confirm inflation has peaked, with prices for second-hand vehicles finally easing after huge gains.
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