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Wednesday, October 20, 2021

Wall Street Slide, S&P 500 Posts Worst Month, Quarterly Since Covid-1 Out Outbreak

NEW YORK – Wall Street ended sharply on Thursday and the S&P 500 posted its worst month since the start of the global health crisis after a turbulent month and quarterly quarrels over Covid-1 over, inflation fears and a budget conflict in Washington.

The U.S. Senate and House governments have approved a stopgap spending bill to delay the session, but after a brief market rise, stocks began their decline again, dragging the Nasdaq in the red even after trending for most of the day.

Ross Mayfield, an investment strategy analyst, said: “The market is resilient, but with the headlines limiting the policy headlines, the turmoil around this spending bill is putting some pressure on the market.” Baird in Louisville, Kentucky.

“In the larger context it has become quite light. We are moving towards seven “upwards” and despite the headline risk the volatility has been fairly nuted, not to mention the Covid-1 mention and tapping, “Mayfield added.” The market had to take a break, and needed a break and probably hope. Can be done. “

The three major U.S. stock indices had their worst quarterly performance since early 2020, when the Covid-1 pandemic epidemic brought the world economy to its knees.

S&P gained little from July to September, while Nasdaq and Dow suffered quarterly losses.

For the month, S&P and Nasdaq have seen their biggest percentage declines since March 2020, while the Dow has seen its biggest monthly decline since October.

The tug-of-war between growth and price continues for months and quarters. The S&P growth index fell 5.8 percent in September, but rose quarterly to 1.7 percent. Prices fell 3.5 percent in September and 1.4 percent in the July-September period.

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Federal Reserve Chairman Jerome Powell attended a hearing on the Capitol Hill House Financial Services Committee in Washington on September 30, 2020.

“It’s not surprising because we’ve seen that yields have been higher, you’ve seen more performance than value,” Mayfield said. “We expect yields to be higher by the end of the year, accompanied by cyclical and value performance.”

On the economic front, initial unemployment claims have been unexpectedly higher in the third week. Market participants are now looking at data on consumer spending, inflation and factory activity expected on Friday for signs of economic health and signs related to the US Federal Reserve’s asset purchase decline and key interest rate hike schedule.

Fed Chairman Jerome Powell, along with Treasury Secretary Janet Yellen, testified before the U.S. House Financial Services Committee that there was even a rift between Capitol Hill over funding deadlines and potential shutdowns and the threat of credit default.

The Dow Jones Industrial Average fell 546.8 points, or 1.59 percent, to 33,843.92, the S&P 500 lost 51.92 points, or 1.19 percent, to 4,307.54, and the Nasdaq Composite fell 63.86 points, or 0.44 percent, to 14,448.58.

The 11 major sectors of the S&P 500 ended the red session, with industrial and consumer staples down the most.

The number of issues advancing on the NYSE in the 1.74-to-1 ratio decreased; At Nasdaq, the 1.14-to-1 ratio favors Dickliner.

The S&P 500 posted four new 52-week highs and four new levels; The Nasdaq Composite recorded 39 new heights and 150 new levels.

The volume on the US exchange was 12.88 billion shares, compared to an average of 10.61 billion in the last 20 trading days.

Written by Stephen Kulp

Reuters

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This News Originally From – The Epoch Times

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