NEW YORK, Oct 12 — US shares fell yesterday, having whip-sawed between gains and losses as soaring oil prices that hit multi-year peaks stoked fears about rising prices and tighter monetary policy, lifting the dollar to a near-three-year high against the yen.
“Whether the final chapter of the mid-cycle transition ends with a 10 per cent or 20 per cent correction in the S&P 500 will be determined by how much earnings growth decelerates or has to outright decline,” Morgan Stanley analysts said in a note.The Dow Jones Industrial Average lost 0.72 per cent, the S&P 500 fell 0.69 per cent, and the Nasdaq Composite dropped 0.64 per cent.
Oil prices, which had jumped yesterday on rebounding demand and cutbacks in supply, gave up some of their early gains but still ended the session higher.a barrel, after climbing as high as US$84.60, its highest since October 2018. That helped basic materials and energy stocks in the S&P 500. They jumped 0.96 per cent and 0.88 per cent respectively, Refinitiv data showed, outperforming the broader market.
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