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Category: Stockmarket / Currency / Futures / Markets

US stocks fall again as commodity prices tumble

Thursday, 24 Mar 2016 05:42:35 | Thuy Ong

Wall Street fell for a second straight session as commodity prices eased. (REUTERS: Brendan McDermid)

US shares have fallen for a second straight day as weak commodities prices hit resource stocks, and investors remain cautious a day after the deadly bombing attacks in Belgium.

The Dow Jones Industrial Average finished 0.5 per cent lower at 17,503.

The Nasdaq lost 1.1 per cent to 4,769, while the S&P 500 slid 0.6 per cent to 2,037.

Overnight, European shares were mixed.

In London, the FTSE 100 added 0.1 per cent to 6,199, the German DAX rose 0.3 per cent to 10,023, while France's CAC 40 dipped 0.2 per cent to 4,424.

Locally, shares are set to follow overseas markets lower. The ASX SPI 200 lost 0.7 per cent to 5,098.

Meanwhile, the Australian dollar has taken a beating, tumbling 1.2 per cent, its biggest one-day loss in nearly a month to 75.3 US cents.

That fall was sparked by the drop in commodities prices and as investors piled into the US dollar after officials emphasised the US Federal Reserve may raise rates as soon as April.

The Australian dollar has also fallen against other major currencies to buy 84.6 Japanese yen, 53.3 British pence, 67.3 euro cents and $NZ1.123.

On commodities markets, oil lost over 3 per cent after US crude stockpiles soared for a sixth straight week to record highs.

West Texas crude dropped 3.7 per cent to $US38.49 a barrel.

Spot gold lost 1.1 per cent to $US1,221, an ounce.

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