US stock indices fall during week despite partial recovery on Wall Street
Date
8/11/2024 8:00:46 AM
(MENAFN) U.S. stock indexes ended the week with a collective decline, even though Wall Street managed to partially recover from initial sharp losses. The recovery was driven by a reduction in recession fears following weaker-than-expected employment data. On Friday, the Standard & Poor's 500 index saw some improvement, closing higher and stabilizing after a significant drop earlier in the week that had been driven by recession concerns. Despite this partial rebound, the index showed little overall change over the week.
The Dow Jones Industrial Average recorded a decline of 0.6 percent for the week, ending at 39,497.54 points. Similarly, the Standard & Poor's 500 Index, despite experiencing a slight recovery, ended with a marginal weekly decline, closing at 5,344.16 points. The Nasdaq Composite Index also fell slightly, down by 0.18 percent to finish at 16,745.30 points. As investors look forward to the upcoming U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) reports, they seek further indications on the Federal Reserve’s future policy moves.
The market's performance throughout the week reflects a complex interplay of factors, including the evolving economic data and investor sentiment. While Wall Street’s efforts to stabilize helped alleviate some immediate concerns, the overall decline in major indexes underscores ongoing uncertainties in the market. The upcoming economic reports are anticipated to provide clearer guidance on the Federal Reserve's policy direction, which could influence market trends in the near future.
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