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%. Threats from North Korea and powerful hurricane Irma weighed on the major indexes, dragging down shares of insurance companies as it churned through the Caribbean. On Wednesday, the Dow rebounded from its worst session in weeks, boosted by shares of energy stocks, which were among the best performers, rising alongside oil prices as Gulf Coast refineries continued to restart following Hurricane Harvey. In economic news, the service industry activity increased in August, as the ISM non-manufacturing composite index climbed to 55.3 from 53.9 in July. Additionally, the Federal Reserve’s Beige Book, which covers economic activity from July through mid-August, showed the economy expanded at a modest-to-moderate pace across most districts. During the week, the yield on the 10-year Treasury note fell to 2.07%, its lowest yield since Nov. 9, 2016. On Thursday, initial claims for unemployment rose, but the increase is likely because of Hurricane Harvey. The unemployment rate held steady at 1.4%. The U.S. indices closed with mixed moves on Friday, as the Dow traded fractionally higher while the S&P 500 and NASDAQ shed some points. Market moves were mixed amid hurricane trepidation, yet West Texas Intermediate crude fell by 3.3% to settle at $47.48 a barrel.
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
