Economy | News-Opinion
CLOSING BELL: September 20th: DJIA: 13,596.93 | UP 18.97 | +0.14%
OIL: $91.87, DOWN 0.11, -0.12%
GOLD: $1,770.20, DOWN 1.50, -0.08%
GASOLINE (US Avg): $3.846, DOWN 0.008
Dow rises, S&P, Nasdaq cut losses as hope trumps data
Aleksandra Michalska, Reuters – The Dow industrials ended slightly higher on Thursday while the S&P 500 and the Nasdaq cut most of the day’s losses in a sign that investor sentiment remains generally positive despite several weak manufacturing surveys from around the world.
Pockets of strength included housing, with an index of housing stocks .HGX up 0.8 percent, following Wednesday’s gains on better-than-expected housing-market data. The S&P energy index .GSPE rose 0.4 percent, in sync with a rally in Brent crude oil prices after a three-day slide. The S&P utilities index .GSPU also gained 0.4 percent.
“What’s happening in the market is ‘What’s next?’” said John De Clue, global investment strategist at U.S. Bank, in Minneapolis. “It’s a classic tug of war between indicators that things are improving and, on the other hand, some things appear to be a little more troubling.”
Several economic indicators painted a sobering picture of the global economy. U.S. manufacturing closed out its weakest quarter in three years this month, and the number of Americans filing new claims for jobless benefits held near two-month highs last week. The U.S. data followed disappointing manufacturing reports from Europe and China.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
