Market closes out worst week since July in rocky end to the day
The Nasdaq, which had been down as much as 5 percent on Friday, clawed back to 11,313.13, down 144.97 points or 1.3 percent.
For the week, the Dow slipped 1.8 percent, the S&P fell 2.3 percent, and the Nasdaq lopped off 3.3 percent.
“The lack off a broad sell-off across all sectors shows that there’s a good deal of ‘hot money’ chasing the large tech names, which can exit as quickly as it entered,” Peter Essele, head of portfolio management for Commonwealth Financial Network, wrote Thursday in comments emailed to The Washington Post.
The mood soured Friday despite new Labor Department data showing the U.S. economy added 1.4 million jobs in August, dropping the unemployment rate below 10 percent for the first time since the coronavirus pandemic began. The jobless rate fell to 8.4 percent, compared with 10.2 percent in July.
“The market should view these numbers as positive, and
U.S. equity benchmark indexes closed in record territory Wednesday, as investors drew hope from progress in the development of tests and vaccines for COVID-19.
Investors largely ignored a mixed batch of economic reports, including a private-sector jobs reading that came in weaker than expected, suggesting only a slow recovery from the coronavirus pandemic.
How did the benchmarks perform?
The Dow Jones Industrial Average (DJIA)surged 454.84 points, or 1.6%, ending at 29,100.50, or 1.5% away from its Feb. 12 closing high of 29,551.42. The S&P 500 index (SPX) climbed 54.19 points, or 1.5%, to settle at a record 3,580.84, its 22nd record close this year. The Nasdaq Composite Index (COMP) advanced 116.78 points to close at a record 12,056.44, a gain of 1%, and its 43rd record close of the year.
On Tuesday, the Dow rose 215.61 points to end at 28,645.66, or
U.S. stocks wrapped up their best month since April, continuing an extraordinary rally fueled by stimulus from Washington, signs of economic revival and progress toward a coronavirus vaccine.
All three major U.S. stock indexes have climbed for five consecutive months after a brutal February and March that ended the longest bull market on record. The benchmark S&P 500 has surged 35% over that period, its largest five-month percentage gain since 1938.
The index advanced 7% for the month—its best August since 1986—but ended on a downbeat note, falling 7.70 points, or 0.2%, to 3500.31 on Monday.
The S&P 500 set records last week after the Federal Reserve signaled that it was likely to keep U.S. borrowing costs low for an extended period. Meanwhile, recent economic data, including July’s orders for durable goods, have surpassed economists’ expectations. The index is up 8.3% in 2020.
“They’ve confirmed lower-for-longer rates as far as
NEW YORK — Stocks are mostly lower in afternoon trading on Wall Street Monday after the market gave back some of its recent gains from a five-week winning streak.
The S&P 500 was down 0.2% after spending much of the morning wavering between gains and losses of less than 0.1%. Losses in financial, industrial and household goods companies outweighed gains in technology and health care stocks. Nearly three-fourths of the companies in the S&P 500 were headed lower.
The benchmark index is slightly below its all-time high set Friday after seven straight days of gains. It’s now on track
The big news on the monetary policy front was this week’s speech by Federal Reserve Chairman Jerome Powell. Among other things, Powell outlined a significant shift to “average inflation targeting.” The gist of the new gambit is that the central bank will keep rates lower for longer and allow inflation to run hotter than the usual 2% target. Financial stocks were a big winner in response, and that has me shopping for the best ones to buy.
In the post-novel-coronavirus world, bank stocks have largely lagged. The underperformance is rational given the high unemployment rate and the specter of a double-dip recession if the Covid-19 crisis turns nasty in the fall. But just because something is reasonable doesn’t mean traders have to be pleased about it.
Over the past month, the technical posture of financial stocks has improved, and Thursday’s rally signals a continuation of their resurrection. I’ve scanned the
By April Joyner, Saqib Iqbal Ahmed and Megan Davies
NEW YORK (Reuters) – U.S. Federal Reserve Chair Jerome Powell tried to address economic inequalities in his landmark policy move. Still the Fed holding rates lower-for-longer may support bulging asset prices – which is unlikely to benefit the neediest and could well widen the wealth gap in the near term.
In the fight against the economic impacts of coronavirus, the Fed has unleashed unprecedented support – zero-bound rates and asset buying that has extended to corporate bonds. The by-product of that has been a surge in equities that has taken U.S. stocks to fresh highs.
Powell on Thursday announced a new monetary policy strategy that would allow the central bank to let inflation – which has been undershooting its target for years – run above target, signaling that policymakers won’t consider raising rates until inflation overshoots for some period. Powell also
(RTTNews) – Stocks have moved mostly higher in morning trading on Friday following the mixed performance seen in the previous session. The tech-heavy Nasdaq has shown a notable advance after ending Thursday’s trading in negative territory.
Currently, the major averages are all in positive territory, although the Dow and the S&P 500 are posting only modest gains. While the Nasdaq is up 57.62 points or 0.5 percent at 11,682.96, the Dow is up 22.99 points or 0.1 percent at 28,515.26 and the S&P 500 is up 2.71 points or 0.1 percent at 3,487.26.
The markets continue to benefit from optimism about an economic recovery following the coronavirus crisis, with has helped lift the major averages well off their March lows.
The Nasdaq and the S&P 500 have more than offset the sell-off seen in late February and early March, soaring to new record highs.
The Dow has underperformed its counterparts
This is a rush transcript from “Your World,” August 24, 2020. This copy may not be in its final form and may be updated.
NEIL CAVUTO, FOX NEWS ANCHOR: Thank you, Bill, very, very much.
Well, that plasma relief that has been talked about by the White House is one of the reasons stocks were jumping today. We’re going to get into that in a second.
The president speaking right now in North Carolina. The Republican Convention has formally kicked off. And rare is it that the nominee intended plans to speak every single day of the convention, so no surprise appearance by and on Thursday and Thursday only, the big event, of course, when the president accepts that nomination at the White House, with a follow-up of fireworks.
John Roberts following all these fast-moving developments for you, as “Your World” kicks off. It’s about 4:00 p.m. Eastern time, everybody.
Stocks ended a choppy session mostly higher Thursday, with the S&P 500 index notching another record finish, after Federal Reserve Chairman Jerome Powell said policy makers would no longer pre-emptively hike interest rates to stave off inflation.
What did major benchmarks do?
The Dow Jones Industrial Average (DJIA) rose 160.35 points, or 0.6%, to close at 28,492.27, after trading as high as 28,633.85. The S&P 500 (SPX) ended with a gain of 5.82 points, or 0.2%, at 3,484.55. The Nasdaq Composite (COMP) , which closed at a record on Wednesday, fell 39.72 points, or 0.3%, to close at 11,625.34, after hitting an all-time intraday high of 11,730.01.
What drove the market?
Trade in financial markets saw relatively big swings Thursday as Powell detailed the results of the central bank’s two-year long policy review. The Fed chief outlined a framework that would