Indices kicked off Monday in the red zone after a day of choppy performance. Despite the volatility, some major sectors made progress, as investors saw solid gains in Consumer Discretionary and Utilities. In economic news, U.S. retail sales rose 0.1% in September; however, economists expected a 0.6% uptick. Stocks rebounded on Tuesday pushing the major indices well into the green zone. The uptick was gained on the release of favorable earnings from bank stocks and strong performance in Technology stocks. Looking elsewhere, industrial production increased by 0.3% in September. The monthly result marks a fourth consecutive uptick. Wednesday’s action started with the market opening significantly lower, but nearly recovered by noon. By the end of the trading session, the Dow Jones Industrial Average was down 92 points; the broader S&P 500 Index off just one point; and the technology-heavy NASDAQ Composite was lower by three points. Brands traded lower on a variety of economic news, including data from the Commerce Department, which showed housing starts fell 5.3% to an annual rate of 1.201 million units in September. Indices again landed in red territory on Thursday. Selling was widespread with declining issues outnumbering advancers by a margin of over 3 to 1 on the NYSE. While nearly all sectors saw declines, Technology suffered steep losses for the day. Department of Labor data showed initial jobless claims fell by 5,000 to 210,000 in the week ended October 13. This exceeded expectations, suggesting that the job market is still in good shape. Volatility lasted through Friday’s session, as the market took on a defensive tone with Consumer Staples and Utilities sectors having the best performance. For the week, the Dow managed to see a 0.41% rise, while the S&P 500 was relatively unchanged, and the NASDAQ suffered a loss of less than 1%.
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