The New York stock market ended lower on Friday, spooked by news that Russia will end gas exports to Europe, raising fears of an escalating energy crisis and recession on the Old Continent, reports AFP.
The Dow Jones lost 1.07% to 31,318.44, the Nasdaq fell 1.31% to 11,630.86, and the S&P 500 fell 1.07% to 3,924.26.
The Nasdaq suffered its sixth straight session of decline, a streak not seen in more than three years.
“It is possible to establish a direct connection between the Gazprom news and the market reversal,” noted Patrick O’Hare of Briefing.com. “It adds an uncertainty factor.”
The group announced on Friday that it was extending the shutdown of Nord Stream, which provides most of Europe’s gas supplies from Russia, citing the need to repair a faulty turbine.
The pipeline was originally scheduled to resume supplies on Saturday after three days of maintenance.
“Europe is already in a weak economic situation, so the markets are clearly taking (the news) as an aggravating factor,” said Bill Northey of US Bank Wealth Management.
Source: Hot News RO
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