Fri, 22 Oct 2021

NEW YORK, New York - U.S. stocks tumbled on Friday while the U.S. dollar rallied.

"It was a volatile week and a return to value outperformance as 'buy the dip' sentiments took hold, but not enough to rescind the recent market weakness," Louise Dudley, global equities portfolio manager at the international business of Federated Hermes told Reuters news agency Friday.

"We anticipate large-cap volatility as changes to U.S. corporate tax rates play a role going forward as the two sides negotiate, particularly for the 'low tax' sectors implicated such as tech and biotech, and companies with hefty international revenues," Dudley added.

The Standard and Poor's 500 did worst in percentage terms, falling 40.99 points or 0.92 percent to 4,432.76.

The Nasdaq Composite was close behind, shedding 137.96 points or 0.91 percent to 15,043.97.

The Dow Jones industrials let go 167.82 points or 0.48 percent to 34,583.50.

The euro sank to 1.1730 as stocks fell. The British pound dropped to 1.3739. The Japanese yen was soft at 109.95. The Swiss franc tanked to 0.9323.

The Canadian dollar was lower at 1.2746. The Australian dollar fell to 0.7270. The New Zealand dollar was sold off to 0.7039.

Overseas, the FTSE 100 in London dropped 0.91 percent. The German Dax slumped 1.03 percent, while the CAC 40 in Paris, France slid 0.79 percent.

On Asian markets, the Australian All Ordinaries shed 56.90 points or 0.73 percent to 7,742.90, Big News Network reported.

In Japan, the Nikkei 225 advanced 176.71 points or 0.58 percent to 30,500.05.

China's Shanghai Composite gained 6.87 points or 0.19 percent to 3,613.97.

The Hang Seng in Hong Kong rose 216.91 points or 0.88 percent to close at 24,884.66.

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