U.S. stock indexes posted their worst day in nearly a month on Monday as hotter-than-expected reading on the U.S. services sector fueled speculation that the Federal Reserve will hike interest rates more aggressively to subdue inflation. The Dow Jones Industrial Average DJIA, -1.40% finished 482 points lower, or 1.4%, to 33,947. The S&P 500 SPX, -1.79% dropped 1.
8% to close below 4,000-level for the first time in nearly a week, while the Nasdaq Composite COMP, -1.93% slumped 1.9%. A barometer of U.S. business conditions at service-sector companies rose to 56.5% in November, a strong signal that the economy is still expanding at a steady pace but raising concerns that the central bank will continue hiking rate aggressively at its December 13-14 meeting. The yield on the 10-year note rose 9.6 basis points to 3.598% on Monday.
Today confirmed the move last Wednesday was nonsense based off manipulation not technicals.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock Market Today: Dow Drops 500 Points; Nasdaq and S&P 500 FallThe Dow dropped more than 500 points after strong economic data caused concern that the Fed will be forced to raise rates more than anticipated Mira, the problem. Play w it and pay for it or slay it. STAGFLATION. VERY REAL. Do the Volker. Stop w the 'what should I do next'. Out of the panties. Into the drawers. 2 Bah Bah Biden. Good is bad. Up is down.
Source: WSJ - 🏆 98. / 63 Read more »
Dow Shines as Higher Rates Squeeze Nasdaq’s Tech StocksWith the market in tumult, boring old value stocks are beating risky growth stocks—meaning it is the Dow’s turn to shine In a market in tumult, it's the boring old value stocks that are beating the risky growth stocks. This just goes to show that sometimes the tried-and-true strategies can be the most effective in uncertain times. wall street journal : wallstreetjournal memes S&p up only down 10% y/y heading into recession S&p is on the moon Evaluations are sky high We are well above 20% up from pre pandemic s&p level Earnings is well worse than Jan 2020 Long long way down before we see real price discovery
Source: WSJ - 🏆 98. / 63 Read more »