A busy week ahead, with a Federal Reserve rate decision, a jobs report, and Apple’s results, began with a strong start to the week for stocks, with the S&P 500 finishing the day out of correction zone.
For a gain of 511.37 points, or 1.58%, the Dow Jones Industrial Average closed at 32,928.96. Since June 2, this was the 30-stock index’s best day.
With its greatest gain since late August, the S&P 500 increased 1.2% to 4,166.82. Rise of 1.16% to 12,789.48 was the Nasdaq Composite.
With a gain of over 2% on its biggest day since late August, communication services emerged as the top-performing S&P 500 sector. Mega-cap tech stocks Meta Platforms and Amazon had increases of 2% and 3.9%, respectively.
These actions are in response to last week’s decline in the S&P 500. After losing 2.5% for the week, the overall index dropped more than 10% from its closing high for 2023. With a 2.8% decrease for October, it is on track to have its third consecutive negative month—the first since the pandemic struck in 2020.
B. Riley Financial’s chief market strategist, Art Hogan, stated, “We closed on the lows last week.” “When you have that type of negativity heading into the weekend and nothing comes up that alters the picture for the economy and markets, you tend to get a little bit of that negativity back on Monday.”
The market is currently stronger because, he continued, “investors are finally feeling a little bit more confident that perhaps we priced in enough bad news.”
Source (CNBC)
