Indices Struggle To Recover
Date
10/4/2023 3:18:16 PM
(MENAFN- Baystreet) indices Struggle to Recover
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The S&P 500 rose slightly Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.
The Dow Jones Industrials dropped 86.43 points to begin Wednesday at 32,915.95.
The much-broader index sagged 3.21 points to 4,226.24.
The nasdaq index recovered 39.5 points to 13,098.97.
Energy Stocks were among the worst performers in the S&P 500. Philips 66, Occidental Petroleum, Schlumberger N.V. and Devon energy all declined more than 3% as crude prices fell.
Consumer discretionary was the best-performing sector, rising more than 1%. Etsy and Tesla led the sector gains, gaining more than 2% each.
ADP said Wednesday 89,000 private payrolls were added last month. That's well below a Dow Jones forecast of 160,000 and fewer than an upwardly revised 180,000 payroll additions from August.
The ISM nonmanufacturing index came in at 53.6 for September, slightly below a StreetAccount forecast of 53.7. To be sure, that's below the August reading of 54.5.
Prices for the 10-year Treasury regained lost strength, lowering yields to 4.79% from Tuesday's 4.80%. Treasury prices and yields move in opposite directions.
Oil prices retreated $2.57 to $86.66 U.S. a barrel.
Gold prices faded $7.70 to $1,833.80.
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