This is how the markets closed last week

The Dow closes lower on fears that the U.S. Federal Reserve (Fed) may raise interest rates for a third time by 0.75% at its monetary policy meeting in September. This could plunge the U.S. economy into recession.

  • The Dow Jones Industrial Average closed at 33,706.74, down 292.30, or -0.86%.
  • The S&P 500 closed at 4,228.48, down 55.26, or -1.29%.
  • The Nasdaq closed at 12,705.22, down 260.13, or -2.01%.

Crude oil contracts closed slightly higher after volatile trading, but concerns about weak demand continued to weigh on oil prices this week. In addition, the prospect of a nuclear agreement with Iran, which could supply global markets with more oil, slightly depressed prices.

  • WTI crude futures were up 27 cents, or 0.3%, at $90.77 a barrel.
  • BRENT crude futures were up 13 cents, or 0.1%, at $96.72 a barrel.

Gold futures fell to the lowest level in more than three weeks and declined for the fifth straight day, the longest stretch since early July, as rising U.S. Treasury bond yields and the appreciation of the U.S. dollar pressured gold prices.

  • The gold contract fell $8.3, or 0.47%, to $1,762.9 an ounce. This was the lowest close since July 28, and it is down 2.9% for the week.
  • Silver was down 39.5 cents, or 2.03%, at $19.069 an ounce.
  • The platinum contract was down $16.9, or 1.87%, at $888 per ounce.
  • The palladium contract was down $18, or 0.8%, at $2,131.40 an ounce.

The U.S. dollar strengthened against major currencies in the currency basket as investors bought the dollar as a safe haven currency since the U.S. Federal Reserve (Fed) wants to raise interest rates at an accelerated pace to curb inflation.

  • The dollar index against the six major currencies in a basket of currencies rose 0.63% to 108.1630.
  • The dollar strengthened against the yen at 136.87 yen from 135.87 yen.
  • The US dollar strengthened against the Swiss franc at 0.9591 francs from 0.9563 francs.
  • The US dollar was also stronger against the Canadian dollar at 1.2993 Canadian dollars from 1.2940 Canadian dollars.
  • The euro was lower against the dollar at $1.0036 from $1.0093.
  • The pound fell to $1.1813 from $1.1934.
  • The Australian dollar fell to $0.6869 from $0.6919.

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