The major stock market indices closed in a mixed fashion today, with the Dow Industrial Average experiencing a decline while the NASDAQ index managed to make a slight gain. The S&P index ended the day lower.
Here is a snapshot of the closing levels:
– Dow Industrial Average fell 157.50 points or 0.47% to 33,508.86
– S&P index dropped 11.46 points or 0.27% to 4,288.23
– NASDAQ index rose 18.04 points or 0.14% to 13,219.31
September proved to be a challenging month for all three major indices, as they all closed lower. Both the S&P and NASDAQ indices experienced their worst trading month since December 2023. The declines for the month were as follows:
– Dow Industrial Average fell 3.50%
– S&P index dropped 4.87%
– NASDAQ index fell 5.81%
This also marked the end of the third quarter, and unfortunately, each of the major indices closed lower. It was the first negative quarter since the third quarter of 2022 for both the Dow Industrial Average and the S&P index. The NASDAQ index also experienced its first negative quarter since the fourth quarter of 2022. The quarter declines were as follows:
– Dow Industrial Average fell 2.60%
– S&P index dropped 3.65%
– NASDAQ index fell 4.12%
Despite the challenging quarter and month, the stock market has still seen positive gains for the trading year so far, with one more quarter to go. The year-to-date gains for the major indices are as follows:
– Dow Industrial Average is up 1.09%
– S&P index is up 11.68%
– NASDAQ index is up 26.30%
During the quarter, interest rates rose, particularly along the yield curve, which had a negative impact on stock levels. Here are the changes in yields for various durations:
– 2-year yield rose 15.8 basis points or 3.22%
– 5-year yield rose 46.2 basis points or 11.10%
– 10-year yield moved up 73.8 basis points or 19.20%
– 30-year yield rose 84 basis points or 21.71%
In other markets, crude oil experienced a significant rise of 28.68% during the quarter, while gold prices fell by 3.73%. Silver prices also saw a decline of 2.62%. The cryptocurrency market saw a drop in Bitcoin prices by 11.61%.
In forex markets, the US dollar strengthened against all major currency pairs during the third quarter, with the largest gain against the GBP. The smallest gain was against the CHF. The US dollar index rose by 328 pips or 3.19%.
Overall, the stock market faced challenges in the past month and quarter due to rising interest rates and sell-offs in various sectors. However, it is important to note that the market has seen positive gains throughout the trading year as a whole.
– Dow Industrial Average: A stock market index that measures the performance of 30 large, publicly-owned companies in the United States.
– NASDAQ index: A stock market index that includes more than 3,000 common equities listed on the NASDAQ stock exchange.
– S&P index: A stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States.
– Interest rates: The cost of borrowing money, typically expressed as a percentage.
– Yield curve: A graphical representation of the interest rates on debt for a range of maturities.
– Crude oil: A type of unrefined petroleum product that is commonly used as a source of energy.
– Gold: A precious metal that is often used as a store of value and a hedge against inflation.
– Silver: A precious metal that is commonly used in jewelry and various industrial applications.
– Bitcoin: The first and most well-known cryptocurrency, which operates on a decentralized, peer-to-peer network.
– Forex: The foreign exchange market, where currencies are traded against each other.
– US dollar index: A measure of the value of the US dollar relative to a basket of other major currencies.
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