The Dow sets the pace as technology recovers
All three major benchmarks rebounded on October 9. The Dow posted the largest percentage gain, followed by the S&P 500 and Nasdaq 100. Buying returned after the previous session’s technology selloff, but the strength extended beyond growth stocks, reflecting a more selective, broad-based market.
AP News reported that Humana advanced on encouraging quality ratings for its health-insurance plans. Company earnings prospects offered support that outweighed interest-rate concerns. A simple story of vanishing oil and rate worries would miss the differences between the benchmarks.
Buyers absorb the early decline
The site’s equity charts show an abrupt decline of roughly 0.5% in the Nasdaq 100 shortly after the opening bell, followed by a choppy recovery. The S&P 500 gradually rose from its morning low, while the Dow extended its advance into the afternoon. Prices pulled back before the close, but the early weakness did not dominate the full session. Equity-chart times are Eastern.
The University of Michigan preliminary October survey showed consumer sentiment falling to 46.3 and year-ahead inflation expectations rising to 4.7%. Prices and borrowing costs remain a burden, providing a backdrop for the early weakness in technology shares. The decline immediately after the open should not be presented as a post-release reaction to this survey.
The 24-hour USD/JPY chart shows a dip followed by a recovery, then consolidation at a higher level. Unlike the afternoon equity advance, the currency did not accelerate steadily in one direction. Company-specific support and buying that absorbed the morning selling prevailed in stocks, with the Nasdaq 100 sustaining its recovery.
Closing levels and daily changes are based on AP News and Nasdaq.
Major Index Closes
- S&P 5007,811.54 +0.59%
- NASDAQ 10030,883.15 +0.51%
- Dow Jones 3051,654.95 +0.83%
