Indonesian stocks are also floundering as the country sees a widening current-account deficit. The country is importing more than it exports – through imports, a country has to purchase goods using the foreign currency, which strengthens that foreign currency against the domestic currency.
The equities market and stock ETFs were off to a great start at the beginning of the month. The S&P 500 closed at record high of 1,709.67 and the Dow hit 15,658.38 on August 2. However, it was all downhill from there.
With the improving markets and employment data, more investors are becoming more concerned about the Fed tapering its bond purchasing program sooner rather than later. Consequently, stocks began to drift lower as investors began to take profits off the highs in listless trading through mid-August.
Stocks were upended in the last week of August after U.S. Secretary of State John Kerry held Syria’s government responsible for chemical attacks against its population. While evidence against Syria may not be absolutely conclusive, the U.S., along with France, are open to a military response, arguing that a strike is justified based on humanitarian grounds.
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Max Chen contributed to this article.