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US markets fell; Boeing shed 3.6% on 737 crash; Berkshire Hathaway rallied on Alleghany purchase

  • The Nasdaq fell 0.4% to close Monday’s session at 13,838 points.
  • Boeing shed 3.6% after a Boeing 737 passenger jet crashed in China.
  • Berkshire Hathaway rallied 2% on the US$11.6bn purchase of Alleghany.

The US markets fell across the key indices to start the week as Fed chair Jerome Powell said the central bank was prepared to raise interest rates in half percentage point increments, and hit high enough to deliberately slow the economy.

The Dow Jones fell 0.58% to finish the trading day down 202 points to close at 34,553 points.

The tech heavy NASDAQ fell 0.4% to finish the trading day down 55 points to close at 13,838 points

One bitcoin is worth US$41,208 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 74.01 US cents.

Shares in airline manufacturing giant Boeing dipped 3.6% on Monday after a Boeing 737 passenger jet crashed with 132 people on board. The China Eastern flight crashed into mountains in Southern China after losing contact an hour into the flight. Boeing said it is working with the airline to investigate the cause of the crash.

Berkshire Hathaway shares rose 2.2% after the American multinational conglomerate announced it is purchasing insurance company Alleghany for US$11.6bn in cash, in the company’s biggest deal in years. Berkshire Hathaway chairman and CEO Warren Buffet said ‘Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years’.

And the Australian Securities and Investments Commission (ASIC) has issued a new information sheet to young social media influencers who share financial advice, warning them to abide by financial advice laws or risk jail time for non-compliance.

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