https://sputnikglobe.com/20221003/wall-street-starts-october-on-strong-note-as-dow-rallies-over-700-points-1101481849.html
Wall Street Starts October on Strong Note as Dow Rallies Over 700 Points
Wall Street Starts October on Strong Note as Dow Rallies Over 700 Points
Sputnik International
NEW YORK (Sputnik) - Wall Street got off to a powerful October start, with the broad-based Dow Jones Industrial Average index closing up more than 700 points... 03.10.2022, Sputnik International
2022-10-03T22:50+0000
2022-10-03T22:50+0000
2022-10-03T22:50+0000
americas
us
wall street
wall street
https://cdn1.img.sputnikglobe.com/img/07e6/04/13/1094897482_0:321:3071:2048_1920x0_80_0_0_4f22829e34da8917baba6c2749a94eed.jpg
The Dow, Wall Street’s broadest equities indicator comprising stocks of 30 large US corporations, closed Monday’s session up 765 points, or 2.7%, at 29,491. The Dow fell 2.9% in September and almost 7% for the third quarter.The S&P 500 Index, which represents the top 500 US stocks, finished up 93 points, or 2.6%, at 3,678. The S&P lost more than 9% last month and more than 5% for the quarter.The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Facebook, Netflix and Google, settled up 240 points, or 2.3%, at 10,815. The Nasdaq lost almost 11% in September and over 4% for the third quarter.Stocks rallied after a duo of weaker-than-expected economic reports showing manufacturing activity unexpectedly slipped into contraction, and construction activity was worse than feared, stoked optimism somewhat that the Fed may be forced to consider a pivot to avoid pushing the economy into a deep recession.ISM manufacturing data for September showed a drop to 50.9 from 52.8, well below economists’ forecasts for a drop to 52.2. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12% of the US economy.The potential for the Fed to keep doing jumbo-sized interest rate hikes to bring down US inflation has been the main drag on the stock market and other risk assets.Investors are assessing the likelihood of another 75 basis-point rate hike at the Fed’s November meeting. The Fed’s policy rate is now in the 3%-3.25% range, a full 3 percentage points higher than where it was at the start of 2022, and officials have penciled in another increase in December after the forthcoming one in November.A slew of Fed policymakers are to speak this week to push the US central bank’s agenda. They include Federal Reserve Bank of New York President John Williams, Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Bank of Cleveland President Loretta Mester.
https://sputnikglobe.com/20220928/wall-street-up-2-in-biggest-daily-gain-in-6-weeks-as-us-recession-fears-abate-1101323198.html
americas
wall street
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
https://cdn1.img.sputnikglobe.com/img/07e6/04/13/1094897482_258:0:2989:2048_1920x0_80_0_0_fdbce33bc8271298b6e2a64231397731.jpgSputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
us, wall street, wall street
us, wall street, wall street
Wall Street Starts October on Strong Note as Dow Rallies Over 700 Points
NEW YORK (Sputnik) - Wall Street got off to a powerful October start, with the broad-based Dow Jones Industrial Average index closing up more than 700 points, after weak US industrial data signaled to investors that the Federal Reserve might back off from high interest rate hikes to combat inflation.
The Dow, Wall Street’s broadest equities indicator comprising stocks of 30 large US corporations, closed Monday’s session up 765 points, or 2.7%, at 29,491. The Dow fell 2.9% in September and almost 7% for the third quarter.
The S&P 500 Index, which represents the top 500 US stocks, finished up 93 points, or 2.6%, at 3,678. The S&P lost more than 9% last month and more than 5% for the quarter.
The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Facebook, Netflix and Google, settled up 240 points, or 2.3%, at 10,815. The Nasdaq lost almost 11% in September and over 4% for the third quarter.
![Logos the New York Stock Exchange adorn trading posts, on the floor, Wednesday, March 16, 2022. Logos the New York Stock Exchange adorn trading posts, on the floor, Wednesday, March 16, 2022. - Sputnik International, 1920, 28.09.2022](https://cdn1.img.sputnikglobe.com/img/07e6/04/07/1094570322_0:660:3073:1889_1920x0_80_0_0_a6d546b01c7f3f903842435743b1cda5.jpg)
28 September 2022, 21:41 GMT
Stocks rallied after a duo of weaker-than-expected economic reports showing manufacturing activity unexpectedly slipped into contraction, and construction activity was worse than feared, stoked optimism somewhat that the Fed may be forced to consider a pivot to avoid pushing the economy into a deep recession.
"It is premature to say that the Fed is almost done with [monetary policy] tightening, but it seems Wall Street is growing confident that they could be done in December," Ed Moya, analyst at online trading platform OANDA, said. "Investors are starting to doubt central banks globally will remain aggressive with fighting inflation as financial stability risks are growing."
ISM manufacturing data for September showed a drop to 50.9 from 52.8, well below economists’ forecasts for a drop to 52.2. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12% of the US economy.
The potential for the Fed to keep doing jumbo-sized interest rate hikes to bring down US inflation has been the main drag on the stock market and other risk assets.
Investors are assessing the likelihood of another 75 basis-point rate hike at the Fed’s November meeting. The Fed’s policy rate is now in the 3%-3.25% range, a full 3 percentage points higher than where it was at the start of 2022, and officials have penciled in another increase in December after the forthcoming one in November.
A slew of Fed policymakers are to speak this week to push the US central bank’s agenda. They include Federal Reserve Bank of New York President John Williams, Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Bank of Cleveland President Loretta Mester.