Tuesday, May 21, 2024
HomeTrading RoomAs the Market Strives to Recover from its September Collapse, the S&P...

As the Market Strives to Recover from its September Collapse, the S&P 500 Modestly Rses on Wednesday

As the market attempted to recover from losses this month, the S&P 500 increased on Wednesday.

While the Nasdaq Composite increased by 0.45%, the wider index increased by 0.18%.

33 points, or 0.10, were lost by the Dow Jones Industrial Average. Up to 112 points were gained earlier in the session.

To reach its highest levels since 2007, the benchmark 10-year Treasury yield increased by 6 basis points. The yield on 2-year Treasury notes also increased. In the meantime, U.S. oil futures increased by almost 3%, last trading above $93 per barrel.

The sector with the best performance, rising by more than 2%, was energy. With gains of more than 3%, Baker Hughes and APA were the leaders. Utility spending declined by more than 1%.

Recent rate increases have put pressure on stocks. For the first time since June, the S&P 500 dropped below the crucial 4,300 level on Tuesday. Additionally, the Dow experienced its largest single-day loss since March, losing more than 300 points and closing below its 200-day moving average for the first time since May. These losses occurred as a result of disappointing data on Tuesday about new home sales and consumer confidence.

Source (CNBC)

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