Market Roundup: Markets End Week Up, Despite Return to Volatile Trading

The markets kicked off the week closing well into the green zone on Monday. Many stocks rebounded from Friday’s downswing on Federal Reserve comments. In a speech on Monday in Chicago, Fed Governor Lael Brainard cautioned prudence in raising interest rates. Indices closed lower on Tuesday with Energy stocks retreating amid a drop in crude oil. West Texas Intermediate crude dipped 3% to settle at $44.90 a barrel. Additionally, the International Energy Agency reduced its demand estimates by 100,000 barrels a day for this year and by 200,000 daily barrels in 2017. The trading session closed with mixed moves on Wednesday, as the Dow Jones Industrial Average and S&P 500 shed some points while the NASDAQ added slight gains. West Texas Intermediate crude oil fell by 2.9% to settle at $43.58 a barrel. On Thursday, volatility returned to stocks after a relatively flat summer, after spending 43 trading days without a 1% move. Thursday’s 1% gain for the S&P 500 marked the fourth session out of five in which the index swung 1% or more. Financial and energy companies dragged down U.S. stocks on Friday with the three major indices falling. For the week all three indices posted weekly gains with the NASDAQ experiencing its biggest weekly jump since July. 

Market Roundup: Markets Fall More Than 2% Over Holiday-Shortened Week

After the Labor Day holiday, the major indices closed in the green zone on Tuesday, with the NASDAQ hitting a new record high thanks to good performance in many Technology brands. West Texas Intermediate tacked on 1.02% to settle at $45.50 a barrel. The ISM Non-Manufacturing Index showed services fell to 51.4 last month, versus an expected reading of 55, down from 55.5 in July. The markets ended trading mixed on Wednesday, as the Dow Jones Industrial Average and S&P 500 shed some points while the NASDAQ closed at a new record level again. The Federal Reserve’s Beige Book, which covered economic activity from July through mid-August, showed a modest to moderate pace across most districts. Additionally, an anecdotal read on the 12 districts showed labor markets continued to tighten, and that energy markets had seen signs of stabilization. West Texas Intermediate crude added 1.34% to settle at $46.07. Stocks traded lower on Thursday as a result of a variety of economic news. Crude oil prices ramped up following an unexpected dip in domestic reserves. U.S. inventories decreased by 14.5 million barrels over the last week versus an expected increase of 200,000 barrels. West Texas Intermediate crude oil added 4.22% to settle at $47.42 a barrel on the news. Labor Department data showed new claims fell by 4,000 to 259,000 for the last week. The red results continued into Friday amid rising interest rate concerns. Meanwhile, West Texas Intermediate crude shed 3.7% to settle at $46.46 a barrel.