The week kicked off with the S&P 500 index snapping a four-day losing streak, thanks to gains in the Industrial and Technology sectors. The S&P 500 climbed 0.2%, and the NASDAQ Composite advanced 0.3%. The Dow Jones Industrial Average was slightly down for the day, losing 0.2%. Stocks recovered Tuesday after falling over the last week. The NASDAQ Composite led the way finishing up 0.61%, the Dow Jones Industrial Average up 0.44%, and the S&P 500 Index advanced 0.37%. Energy, Telecommunications, and Technology sectors were the big winners in the S&P while Consumer Staples and Utilities lagged. Despite uneven trading during the day, stocks eked out a third straight day of gains Wednesday after news broke that the United States and China would resume trade talks. Gains in Consumer Staples and Energy offset the declines in Financials and Technology with the S&P 500 and Dow rising 0.04% and 0.11% respectively, while the NASDAQ fell 0.23%. According to the Bureau of Labor Statistics, the Producer Price Index fell in August for the first time in more than a year, as prices dropped 0.1% after registering no change in July. Stocks had their best day of the month on Thursday with both the Dow and S&P bouncing up to the green for September. The NASDAQ led the way finishing up 0.75%, while the Dow finished up 0.57% and the S&P 500 up 0.53%. Initial jobless claims dipped to 204,000 during the week of September 8th, while continuing claims also moved lower. Meanwhile, the Consumer Price Index rose just 0.2% in August, which while in line with expectations, showed some cooling down to a year-over-year pace of 2.7% from 2.9%. It was a slow news day other than President Trump stating, “Under no pressure to make deal with China,” as everyone braced for Hurricane Florence. Friday’s trading session started strong, but sank to negative numbers around noon; however, equities managed to recover by the end of the session with both the Dow and S&P 500 closing in the green while the NASDAQ was slightly down for the day. In economic news, the University of Michigan’s Consumer Sentiment survey delivered September’s preliminary reading of just over 100, which slightly exceeded expectations.
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