S&P 500, Nasdaq advance, turning the page on a tumultuous week
The Dow Jones Industrial Average fell 95.40 points, or 0.18 per cent; the S&P 500 gained 12.74 points, or 0.17 per cent, to 7,650.50.
On September 18, Wall Street closed a turbulent week on a subdued note, with the S&P 500 and Nasdaq both turning higher. US Treasury yields surpassed the 5% mark, while crude prices rebounded but remained above $100 per barrel, highlighting ongoing inflation concerns. The week was split into two parts: anticipation of the Federal Reserve's interest rate hike and the aftermath of that decision.
The Nasdaq rallied, outperforming its finish on September 11, while the S&P 500 and the blue-chip Dow saw declines. The Dow experienced its largest weekly percentage drop since March, citing investor exhaustion from the week's activity. Central banks worldwide are tightening policies to combat inflation caused by the Iran conflict.
The Bank of Japan raised rates to a 31-year high, following the Federal Reserve and European Central Bank. The probability of another Fed rate hike at the October meeting rose to 55.4%, up from 42.5% on September 11. Berkshire Hathaway's Warren Buffett will become chairman emeritus, following Greg Abel's promotion to CEO. Cryptocurrency firms saw gains, while declining issues outnumbered advancers on the NYSE.
Volume on US exchanges reached 25.29 billion shares, surpassing the 16.19 billion average for the past 20 trading days.
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- S&P 500, Nasdaq advance after volatile week freemalaysiatoday.com
