Stocks Enjoy Positive Open, But Look For Big Weekly Losses
Date
9/22/2023 3:16:34 PM
(MENAFN- Baystreet.ca) Stocks Enjoy Positive Open, But Look for Big Weekly Losses
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The S&P 500 advanced Friday, but the market was still poised to end the week with steep losses.
The Dow Jones Industrials recovered Friday from losses Thursday, taking 49.84 points to 34,120.26.
The much-broader index recouped 13.13 points to 4,343.13.
The nasdaq index rebounded 60.85 points to 13,284.84.
Ford climbed more than 2% after a source told media outlets that the auto giant was reported making progress in negotiations with the striking United Auto Workers union. Stellantis and General Motors, the other two automakers standing off with the union, also traded higher.
Those moves followed a three-day losing streak for the major averages, as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.
The S&P 500 and the technology-heavy Nasdaq Composite are down 2.5% and 3.1% this week, respectively, on track for their worst weekly performance since March. It would also be their third negative week in a row. The blue-chip Dow has dipped 1.6% on the week.
Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.45% from Thursday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices recuperated $1.53 to $91.16 U.S. a barrel.
Gold prices jumped $7.60 to $1,947.20 U.S. an ounce.
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