The major indices closed with mixed moves on Monday, as the Dow Jones Industrial Average and S&P 500 Index rebounded up from session lows. The Dow ended trading with slight gains while both the S&P 500 and the NASDAQ Composite closed fractionally lower. Trading was mixed again the following day with both the Dow and S&P 500 closing in the red zone. The NASDAQ posted fractional gains led higher by Technology sector stocks. Elsewhere, crude oil prices ticked up, as West Texas Intermediate crude settled at $74.96 a barrel. Oil ramped up on risks to energy infrastructure as Hurricane Michael headed for the Gulf of Mexico. Trading took a nose dive mid-week with Technology stocks standing out among decliners. In economic news, the Producer Price Index edged up by 0.2% for September, matching consensus expectations. Additionally, wholesale inventories climbed 1% in August, versus expectations of a 0.6% gain. July’s 0.6% uptick was not revised. The decline continued Thursday, with all of the market sectors losing ground, with pronounced declines in the Energy and Financial sectors. Furthermore, the Consumer Price Index showed a 2.3% increase, slowing slightly from a 2.7% pace in August, but still a larger increase than expected. The Department of Labor data showed new jobless claims rose by 7,000 to 214,000 in the week ended October 6. The major indices landed in green territory on Friday, rebounding from two days of downswings, as several Financial sector stocks reported mostly favorable quarterly details. On another note, consumer confidence moved a bit lower. In a preliminary reading for October, the University of Michigan’s sentiment survey fell 1.1 points from September’s reading to 99.
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