US Markets Dip As Oil Prices Skyrocket Amid Global Economic Shifts
Economy / Finance

US Markets Dip As Oil Prices Skyrocket Amid Global Economic Shifts

The US stock markets saw a decline on Tuesday. As trading ended in New York, the Dow finished calculating at 52,925 points, a decrease of 0.3 percent compared to the previous trading day. A little earlier, the broader S&P 500 was down 0.5 percent at around 7,504 points, while the technology exchange, the Nasdaq 100, was calculated at approximately 29,173 points, showing a loss of 1.8 percent.

Even though Elon Musk’s aerospace and telecommunications company, SpaceX, was admitted to the Nasdaq 100 on Tuesday and several investment houses published their analyses setting high price targets for the stock, the company’s shares still dropped significantly.

The European common currency weakened on Tuesday evening, with one euro costing $1.1416, meaning the dollar was available for 0.8760 euros. Meanwhile, the price of gold dropped sharply; fine troy ounces were valued at $4,115 in the evening (a decrease of 1.2 percent), equating to 115.88 euros per gram.

In contrast, oil prices rose strongly. A barrel of North Sea Brent crude cost $75.64 around 10 PM German time on Tuesday, which was a 5.1 percent increase from the close of the previous trading day.