Unexpectedly strong inflation numbers and another triple rally by the Federal Reserve contributed to the decline in US stock markets last month. The benchmark S&P 500 index saw its highest level in September since 2008, while the Dow’s decline was stronger than in the year of the financial crisis.
While significant uncertainty remains in the stock markets, stocks turned higher as trading began in October on Wall Street. By the end of the trading day, two of the three major indices were up more than 3 percent.
At closing time at 22.00 it looked like this:
- The S&P 500 rose 2.59%
- The Dow Jones rose 2.66 percent
- The Nasdaq Composite Index rose 2.27 percent
The US stock market opening follows a boost in European bourses on Monday, driven by higher oil prices and energy stocks on news that OPEC+ is eyeing the biggest production cut since the pandemic.
The energy sector is currently set to have its best day since a 5.4 percent increase in December 2020, according to a Wall Street Journal report.
Heavy fall on Tesla
Tesla’s share started Monday down more than four percent, after the electric car maker released record third-quarter delivery numbers at the weekend, which were well below analysts’ expectations. At the time of writing, Tesla is down a whopping 7.35 percent.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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