Indices closed in red territory on Monday as Technology brands sold off, dragging the Dow Jones Industrial Average down. The broader S&P 500 Index saw weakness in Energy and Telecommunications as well. The Dow rose to a new record close on Tuesday, with action dominated by corporate earnings.
The major indices closed Monday’s trading session at new record heights. The optimism was led by Technology, Financial, and Energy sector stocks. The climb continued the next day as both the Dow Jones Industrial Average and S&P 500 index closed at new record levels.
Coming off a mixed jobs report from the previous Friday, the markets experienced directionless trading on Monday. By the closing bell, the major indices were firmly in the red. Reversing course, stocks closed Tuesday’s trading session with gains, as the Dow Jones Industrial Average hit a new record level.
The benchmark indices posted notable gains for the week despite a late downturn on Friday. The U.S. stock indices kicked off the week, closing in green territory on Monday. Gains reached across several sectors, including Financials, Consumer Discretionary, and Health Care. In economic news,
Chief Investment Officer, Troy Harmon, CFA, CVA, and Research Analyst, Nick Antonucci, CVA, discuss the latest GDP revision, the Housing Market, and the effects Hurricanes Harvey and Irma have had on property and employment.
The major U.S. stock indices started the week in red territory on Monday, pulled down by a decline in Technology shares. U.S. tensions with North Korea also likely weighed on the market.
Indices ended trading with gains on Monday with both the Dow Jones Industrial Average and S&P 500 index closing at new records. Indices closed in the green zone again on Tuesday with advances made in the Telecommunications, Financials, and Technology sectors.
While much of the Southeast was braced for Hurricane Irma, U.S. indices still closed in the green zone on Monday. The S&P 500 stepped up to a new all-time high. Crude oil prices ticked up as refineries closed because of Hurricane Harvey have started to resume production.
The holiday-shortened week kicked off on Tuesday after being closed Monday for Labor Day. However, retail gas prices surged as Hurricane Harvey forced refineries to shut down, leading to curtailed petroleum shipments. The Dow Jones Industrial Average fell 1.1%, its biggest one-day loss since Aug 17, while the S&P 500 declined 0.8%.
In today’s Marietta Daily Journal: Bil Lako, CFP® explains how dollar cost averaging would have worked during the Great Recession
