China raised its estimate of the country’s Gross Domestic Product (GDP) for 2021 from 8.1% to 8.4%. Also, the government keeps loosening restrictions on COVID-19, which will lessen the effect that restrictions had on the economy. The China Immigration Administration finally said that it would start giving out visas again to people from the mainland who want to travel abroad.
US stocks closed a mixed day on Tuesday. This years last trading week is only 4 days long due to holidays. Just like most of 2022, tech led the decline with Tesla headlining (again).
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On Tuesday, the S&P 500 had lost 0.4% and was at 3830. The Dow Jones Industrial Average went up 37 points, or.1%, while the Nasdaq Composite fell 1.4% to 10353, which is only 2.7% above 52-week lows.
Tesla Inc., which has been in the news a lot over the past ten years, was in the news again on Tuesday. In late afternoon trading, a lot of people traded the company’s stock, which was down 9% for the day. The biggest news story was that the company was cutting back on production at its Shanghai plant. Tax loss selling, general momentum, and other factors were also pulling the stock down.
Dollar unable to reverse Friday’s loss
The US dollar continued to slip since Friday, but by the end of Tuesday, most of its major rivals had only small gains. The US Dollar Index went down 1% on Tuesday.
EUR/USD stays flat around 1.0650, while GBP/USD has dropped 0.25% to 1.2030. The exchange rate for AUD/USD is around 0.6730, and the exchange rate for USD/CAD is around 1.3520 down 0.5%. Last but not least, USD/JPY went green 0.5% closing at 133.50.
Gold is keeping crucial prices before year’s end
Gold hit a new 3-week high of $1,833.32, but by the end of the day, it had settled back down to around $1,815. Silver futures for delivery in March also went up by 1.34 %, to $24.233. Investors are so far enjoying gains
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Crude Oil WTI Futures lost some of their day’s gains, ending in the green only 0.3% after being up as much as 1.5%. Brent Oil Futures went up by 0.6% after falling back from their highs of the day, which may have been because of the news about China.
Natural gas closed nice gains, going up almost 2%, however fell since starting the day 4% higher. This was because the effects of the heavy weather in the US. The price of 10-Year US Treasury Bonds went up by 2.7% to 3.849%.
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