NEW YORK: The dollar pared gains after hitting an 8-1/2-month high against major currencies on Monday, while the prospect of further European Central Bank stimulus dragged the euro, and oil futures fell on worries about a growing supply glut. Global stock markets were mixed, with Wall Street ending the session lower ahead of a crucial payroll report Friday, while European shares finished higher. The three major US indexes ended November higher for a second straight month.
(NEW YORK) — The new year got off to an inauspicious start on Wall Street as stocks tumbled Monday in a global sell-off triggered by new fears of a slowdown in China and rising tensions in the Middle East.
The Dow Jones industrial average clawed back from a steep early decline but still ended down 1.6 percent, its biggest loss in two weeks. Markets in Asia and Europe were down more.
“It is probably time to retire this graph — until the next recession,” quips chartmeister Bill McBride at Calculated Risk.
McBride is the one with the chart tracking the job recovery from every U.S. recession since D-Day. Only this morning, with the release of the Labor Department’s May jobs report, have all the jobs lost since December 2007 been regained.