The US stock indices retraced some/all of the declines seen this week with a rebound in the major indices.
The NASDAQ index led the gains today, and has also erased the losses from Monday and Tuesday’s trade. The S&P and Dow are still on pace for a decline this week, but the declines have been pared.
A snapshot of the final numbers shows:
- Dow industrial average rose 127.17 points or 0.39% at 33129.54
- S&P index rose 34.27 points or 0.81% at 4263.73
- NASDAQ index rose 176.53 points or 1.35% at 13236.00
For the trading week with 2 more days to go, the Dow and S&P are still negative, but the NASDAQ is marginally higher:
- Dow industrial average is down -1.13%
- S&P index is down -0.57%
- NASDAQ index is up 0.13%
Lower interest rates today helped the indices:
- 2-year yield 5.049%, -9.8 basis points
- 5-year yield 4.720%, -8.2 basis points
- 10-year yield 4.7 to 8% -7.3 basis points
- 30-year yield 4.860% -7.6 basis points
Looking at the 11 S&P sectors, all but 2 or higher today led by:
- Consumer discretionary up 1.97%
- Communication services up 1.29%
- Information technology up 1.25%
- Materials up 1.20%
- Real estate up 1.13%
Leading the downside were energy and utilities. Energy tumbled -3.36% as oil prices fell over 5% today. Utilities, despite the fall in yields, was still down -0.09% as that sector deals with “higher rates for longer” increasing capital expenditure costs, and the crowding out of investors by other yield options (i.e., bills, bonds, CD’s, etc).