Market Roundup: Despite Red Start and Finish, Markets End Up for the Week

Economy/Stock Market

The market indices kicked off the week with losses; however, the S&P 500 index only declined 0.04 point marking the smallest percentage move for the index in either direction since October 2014. On Tuesday, indices closed with slight gains. Housing construction took a breather as Commerce Department data showed starts slipped 5.8% in August to hit an annual rate of 1.14 million units, versus expectations of an annual pace of 1.18 million units. West Texas Intermediate crude rose by 0.66% to settle at $44.15 a barrel. Positive moves continued mid-week when the NASDAQ closed at a new record level. Stocks stepped up following the release of comments from the latest Federal Reserve meeting. In a 3 to 7 vote to keep rates unchanged, the Federal Open Market Committee indicated the possibility of a hike has strengthened. Currently, economic risks “appear roughly balanced.” Energy Information Administration data showed domestic oil reserves decreased by 6.2 million barrels last week, versus an expected gain of 3.25 million barrels, which resulted in West Texas Intermediate crude increasing 2.9% for the day. Indices closed the session with gains on Thursday. Initial jobless claims declined last week as Labor Department data showed new claims decreased by 8,000 to 252,000. Investors also heard more down housing news as sales of existing homes slipped by 0.9% in August, but were up 0.8% from a year ago. Like Monday’s results, the markets ended Friday’s trading session in the red. Energy brands retreated following a dip in crude oil. West Texas Intermediate crude fell 4% to settle at $44.48 a barrel. Thankfully, for the week, the major indices still eked out a gain.