The United States (US) stock market retreated from a strong opening session while the dollar index rallied following investors' preparations for a rate hike by the Federal Reserve (Fed).
Major Wall Street stock indices ended lower with the Dow Jones Industrial average index closing at 0.02%, the S&P 500 losing 0.54%and the Nasdaq Composite down 1.4%.
The MSCI global equity index, which tracks a total of 45 stocks from other countries, was down 0.94%.
Meanwhile, the market opened higher with new data showing the US economy grew in the 4th quarter at 6.9% since 1984.
However, ahead of the close of the session like most weeks, profits began to recede as investors continued to process Fed updates on economic growth prospects after data published yesterday.
Meanwhile, the dollar began to soar to its highest level since July 2020 following the prospect of a rate hike by the Fed.
The dollar index, which measures a number of other currencies, rose 0.8%, the biggest daily gain in more than 2 months.
The US 2 -year yield was up 1.208% in the unfinished daily trading session at 1.1902% while the benchmark 10 -year yield was down 1.8101% after hitting a high of 1.88% on Wednesday.
The Russia-Ukraine crisis continued to affect oil prices with Brent crude oil prices falling 0.2% at $ 89.81 a barrel while US crude oil prices fell 0.3% at $ 87.08 a barrel.
The spot price of gold fell 1.24% at $ 1,795.50 an ounce and the metal fell more than 1% to a 2 -week low.
