Stocks Wavering Between Gains and Losses in Early Trading


Stocks Wavering Between Gains and Losses in Early Trading

Silver also lost ground, falling $1.0820 per troy ounce, or 5.76%, to $17.71, the largest one day dollar and percentage decline since January 2015.

Gold prices fell to their lowest level in more than three months on Tuesday, pushed down by a stronger dollar and signals the U.S. Federal Reserve might be closer to raising interest rates this year.

Silver was up 0.3 percent at $18.78 an ounce.

The Dow is down 139.70 points, or 0.8 percent.

The recent strength in the USA dollar could be termed as comparative, as the British pound took a hit following the news that the United Kingdom is aiming for a clear break from the European Union by the end of March 2017.

The Dow is up 743.42 points, or 4.3 percent. The S&P 500 fell 10.71 points, or 0.5 percent, to 2,150.49.

Also weighing on gold were firmer stock markets, including Britain's FTSE 100, which rose more than 1 percent, partly helped by the drop in sterling, as a weaker pound typically benefits the FTSE's export-driven, internationally focused companies. The yield on the 10-year Treasury note rose to 1.65 percent. "The markets are reacting very badly to the increases".

The U.S. -listed shares of Deutsche Bank rose 35 cents, or 2.7 percent, to $13.33.

Germany's DAX was 1% higher while the CAC-40 in France rose 1.1%. Germany's biggest bank has been under pressure since it revealed the U.S. Justice Department had proposed at $14 billion payment to settle an investigation into the bank's dealings in risky mortgage bonds. The euro slipped to $1.1144 from $1.1215 and the dollar rose to 102.76 yen from 101.57 yen. Its shares have been rising recently on a news report on Friday that a lower fine was in the offing. The Fed would probably not be able to cut interest rates as aggressively as the last time around if it were faced with a US recession in the next few years, New York Fed President William Dudley said on Monday. Brent crude, the global standard, slipped 2 cents to close at $50.87 a barrel in London. Wholesale gasoline rose three cents to 1.50 United States dollars a gallon, heating oil was little changed at 1.55 U.S. dollars a gallon and natural gas increased four cents to 2.963 USA dollars per 1,000 cubic feet.

Early Tuesday, the ICE Dollar Index DXY, +0.46%, a measure of the USA currency against a basket of other major currencies, jumped 0.6%.



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