Sat, January 28, 2023

Dow closes lower, but 6% off the record high

In

Major U.S. stock indexes finished Tuesday for the most part on record highs. Despite the never-ending debate in Congress over further COVID-19 aids, worries about how the economy will fare when a raft of fiscal stimulus eventually burns off do not stop.

The S&P 500 scored a new record close on Tuesday, setting another high-water mark for an index that tracks a significant number of the country’s biggest corporations and businesses.

Despite proceeding with worries about the direction of the pandemic, the state of the monetary recuperation and political unrest in the U.S., we saw the S&P’s quickest turnaround from bear-market territory in history, as per Dow Jones Market Data.

 

How did significant stock indexes fare?

The Dow Jones Industrial Average DJIA, slipped by 66.88 points, or 0.2%, to close at 27,779.07. The S&P 500 list SPX, increased by 7.78 points, or 0.2%, completing at a record 3,389.78, its first high since February 19.

The Nasdaq Composite Index COMP grained 0.7%, or 81.84, points to arrive at 11,210.84, also a record close, its 34th of the year.

On Tuesday, the Dow fell by 88.11 points, or 0.3%, to end at 27,854.81, or 5.8% away from its record close. The S&P 500 rose by 9.14 points, or 0.3%, shutting down at 3,391.99, just 0.1% away from its record shutting at 3,386.15.

The Nasdaq Composite Index included 110.42 points, or 1%, completing at 11,129.73 while booking its 33rd record close of the year.

 

How did other markets trade?

In Asia, on Monday, China’s CSI 300 list, 000300, -1.49% on the week, shut 0.1% lower, while Hong Kong’s Hang Seng Index HSI, -0.74% on the week, progressed 0.1% and Japan’s Nikkei 225 NIK, +0.25% on the week, declined by 0.2%.

In Europe, the Stoxx 600 Europe Index SXXP, +0.22% on the week, was down 0.6% in the district, while the U.K’s. FTSE 100 UKX, +0.10% on the week, finished 0.8% lower.

The yield on the 10-year Treasury note TMUBMUSD10Y, +0.656% over the week, was 1.5 basis points lower at 0.668%. Security costs move conversely to yields.

Gold costs for December GCZ20, -0.77% over the week, rose 0.7%, to settle at $2,012.10 an ounce. U.S. crude petroleum costs CLU20, – 0.98% over the week, completed unaltered at $42.89 a barrel.

The ICE U.S. Dollar Index DXY, -0.01% over the week, a measure of the buck against about six significant opponents, was down by 0.6% to 92.29, close to its most reduced level since 2018.

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