The main indicators on Wall Street rose on Thursday at the end of the month of losses as investors kept a close eye on funding negotiations in Washington to prevent a government shutdown.
The benchmark S&P 500 was still on track to continue its seven-month winning streak due to inflation, a fall from China Evergrand’s potential default and a dispute over debt limits.
A Commerce Department report corrects second-quarter growth slightly higher, while Labor Department data shows weekly jobless demand rose higher than expected, showing that the job market is under pressure.
“While slow growth is a concern, it is encouraging to see some push forward (GDP) – as we end the third quarter and look ahead, investors must continue to recover economically. , ”Says Mike Loeingart, Managing Director, E * Trade Financial’s Investment Strategy.
Five of the 11 major S&P sectors have initially advanced in trading, with technology as the top gainer and then healthcare and communications services.
The energy sector suffered the biggest losses, but was headed towards its best monthly performance since February. The S&P financial sector was eyeing its sixth straight quarterly profit.
Heavyweight technical stock is on the higher end, recovering from a steep loss earlier this week.
Yet, with the exception of Netflix, rate-sensitive FAANG stocks have lost a combined $ 415 billion this month, while a change in the Federal Reserve’s monetary policy has led to criticism of Treasury yields and prompted investors to move to sectors that benefit the most.
Netflix is set to add about 8 percent in September.
Tom Mantion, managing director of UBS Private Wealth Management at Stamford, Connecticut, said, “When Fed officials seem more aggressive about raising interest rates, slowing down at normal rates won’t be bad for the economy or the market.”
Morning: At 455 minutes, the Dow Jones Industrial Average rose 13.29 points, or 0.04 percent, to 34,404.01, the S&P 500 rose 13.12 points, or 0.30 percent, to 4,372.58, and the Nasdaq Composite rose 83.65 points, or 0.58 percent, to 14,596.09.
1rig. Perigo Co. jumped 11.8 percent after agreeing to settle the issue of 201 settlers with the Irish tax authorities with billions of dollars in taxes.
The 1.66-to-1 ratio on the NYSE and the 1.8-to-1 ratio on the Nasdaq have reduced the number of problems progressing.
The S&P index hit new 52-week highs and a new low, while Nasdaq recorded 19 new highs and 54 new levels.
Written by Devik Jain and Amber Warrick
This News Originally From – The Epoch Times