US dive brings down NZ stocks

The NZ stock market followed the US markets down. (Image: Supplied)

Thu, 19 May 2022

New Zealand's headline share index slipped on Thursday after key indices on Wall Street plunged overnight, after another big retailer reported poor earnings and set recession alarms ringing.The S&P/NZX 50 Index fell 51.34 points, or 0.5%, to 11,206.93. Turnover was $113 million.Stocks had been heading higher for several days as investors stepped in to buy heavily sold companies, but the rally broke last night when Target reported its net profit had halved.“The relief-rally trapdoor sprung … after Target's earnings resul...

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