Economy | News-Opinion
CLOSING BELL: October 1st: DJIA: 13,515.11 | UP 77.98 | +0.58%
OIL: $92.48 UP 0.29, +0.31%
GOLD: $1,783.30, UP 9.40, +0.53%
GASOLINE (US Avg): $3.782, DOWN 0.001
Wall Street kicks off October with modest gains
Angela Moon, Reuters – Wall Street started a new quarter with a modest rally on Monday, lifted by a surprising expansion in U.S. manufacturing in September.
After rising more than 1 percent by midday, the major U.S. stock indexes came off their highs, with the Nasdaq the hardest-hit. Market participants said Wall Street has shown signs of fatigue as stocks closed a strong third quarter on Friday.
“We are at a level where the market is due for a correction. Also, as we head for a new earnings season here, we should expect more volatility ahead,” said Tim Ghriskey, chief investment officer of Solaris Asset management in Bedford Hills, New York.
Among stocks weighing on the Nasdaq, Apple (AAPL.O), the world’s most valuable publicly traded company, lost 1.2 percent to $659.39, dragging the tech-heavy index lower.
Baidu Inc (BIDU.O) shares fell 3.5 percent to $112.77 after Jefferies cut the stock to “hold” from “buy” and lowered the price target to $125 from $135.
Besides tech, sectors associated with growth were strong. Financial stocks rose, with Goldman Sachs Group (GS.N) up 2.8 percent at $116.86 after the weekly Barron’s said Goldman’s stock could rise at least 25 percent in the next year as capital markets improve.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
