Tue, 18 May 2021

NEW YORK, New York - Stocks closed sharply lower in the United States on Wednesday, with the Dow Jones plunging more than 500 points, and the tech-laden Nasdaq shedding more than 3%.

"We're at that phase where it's harder to get that next bit of the recovery, that next bit of the reopening in place," Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia told Reuters Thomson Wednesday.. "We're still doing it, but the progress is way slower than it was in the first three months of the reopening."

"We're spending more of our time in that sweet spot in the middle to get away from the extremes of growth," Pride added.

At the close of trading Wednesday the Dow Jones Industrial Average was down 525.05 points, or 1.92%, at 26,763.13.

The Standard and Poor's 500 fell 78.65 points, or 2.37%, to 3,236.92.

The Nasdaq Composite plummeted 330.65 points, or 3.02%, to 10,632.99.

The U.S. dollar rose sharply again on Wednesday. The euro ended the day around 1.1660. The Japanese yen fell to 105.34. The volatile British pound closed out the day at 1.2723. The Swiss franc fell to 0.9237.

The Canadian dollar tumbled to 1.3383. The Australian dollar was unwanted, falling sharply to 0.7076. The New Zealand dollar dived to 0.6530.

In Europe, equities rose. The FTSE 100 in London gained1.20%. The German Dax advanced 0.39%. The CAC 40 in Paris climbed 0.62%.

On Asian markets, the Australian All Ordinaries had advanced 137.80 points or 2.31% to 6,111.30.

China's Shanghai Composite index was ahead 5.41 points or 0.17% at 3,279.71. The blue-chip CSI300 index rose 0.36% to 4,652.33. The smaller Shenzhen index added 0.72%, while the start-up board ChiNext Composite index climbed 1.735%.

The Hang Seng in Hong Kong rose by 25.66 points or 0.11% to 23,742.51.

In Tokyo, the Nikkei 225 went against the trend falling 13.81 points or 0.06% to 23,346.49.

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