It was a volatile day for U.S. markets that plunged on the open on news that the United States had banned 28 Chinese companies from doing business with American companies due to human rights issues. Markets jumped briefly on news that the Federal Reserve is planning to increase its balance sheet again, in part based on the shock to overnight lending markets in September, Chairman Jerome Powell said Tuesday. However, trade negotiation woes and digestion of Federal Reserve news led the markets to reverse all gains and head south rapidly. The…
Day: October 8, 2019
October 4, 2019 Weekly Market Recap
The markets staged an impressive comeback rally on Friday, though the S&P 500 still declined 0.3% for the week. Several economic reports reawakened growth concerns and contributed to heavy selling, but the market was able to end the week on a positive note following decent employment data for September. The Dow Jones Industrial Average lost 0.9%, and the Russell 2000 lost 1.3%. The Nasdaq Composite increased 0.5%. Five S&P 500 sectors finished lower, while six finished higher. The energy (-3.8%), materials (-2.5%), industrials (-2.4%), and financials (-2.2%) sectors posted big…