Dow Today – ADRs Close Mostly Lower; Chinese Tutoring Stocks, Gold Companies Trade Actively
International stocks trading in New York closed mostly lower Thursday.
The S&P/BNY Mellon index of American depositary receipts declined 0.5% to 170.97. The European index slipped 0.9% to 145.56. And the Latin American index fell 1.7% to 221.24.
Meanwhile, the Asian index increased 0.3% to 238.53. And the emerging-markets index edged up 0.2% to 412.70.
Chinese tutoring stocks and gold companies were among the companies whose ADRs traded actively.
Chinese tutoring stocks fell Thursday, following reports that Beijing might soon release tough new restrictions on the industry. Reuters reported that Chinese authorities plan to launch a much tougher-than-expected crackdown on the country’s multibillion-dollar private tutoring industry, including trial bans on vacation tutoring and advertising restrictions. ADRs of New Oriental Education & Technology Group Inc., one of China’s largest and oldest tutoring operators, fell 9% to $7.63; TAL Education Group’s ADRs fell 14% to $20.62.
Miners were among the biggest decliners in the broader market Thursday, hurt by a slide in gold prices a day after Federal Reserve officials gave the clearest signals yet of their plans to gradually pull back the monetary policies that helped propel markets to record highs. The price of the precious metal tends to decline when investors anticipate rates rising and yield-bearing investments becoming more attractive. AngloGold Ashanti Ltd. fell 4.3% to $19.45, and Gold Fields Ltd. fell 3.5% to $9.36.
(END) Dow Jones Newswires
June 17, 2021 18:31 ET (22:31 GMT)
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