Dow Gives Up Gains, Turns Negative Midday
Date
9/27/2023 3:20:53 PM
(MENAFN- Baystreet.ca) Dow Gives up Gains, Turns Negative Midday
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The Dow Jones Industrial Average fell Wednesday, building on the steep losses from the previous session, as an uptick in Treasury yields and oil prices dented investor sentiment.
The blue-chip index lost 57.93 points to pause for lunch and regroup Wednesday at 33,560.95, following a Tuesday session which proved its worst day since March.
The S&P 500 index eked higher 2.07 points to 4,275.60.
The nasdaq index moved ahead 26.7 points to 13,090.71.
Those moves raised fears that inflation will persist, which will lead the Federal Reserve to keep rates higher for longer.
Energy was the best-performing sector, rising more than 2%. It was led by Marathon Oil and APA, both up more than 3%.
The Commerce Department reported Wednesday morning that orders for durable goods rose 0.2% in August. That topped a Dow Jones estimate for a decline of 0.5%.
Prices for the 10-year Treasury fell back, raising yields to 4.56% from Tuesday's 4.54%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.41 to $93.80 U.S. a barrel.
Gold prices cratered $20.20 to $1,899.60.
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