Breaking News
0

Stocks – Market Ends Mixed; September Looks Bullish for Wall Street

Stock MarketsSep 13, 2019 05:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Stocks finished the day little changed, but that might be good news.

The market's performance suggested some confidence. The S&P 500 finished down 0.07%. The Dow was up 0.14% for its eighth-straight gain. The Nasdaq Composite was off 0.22%, with the Nasdaq 100 Index down 0.31%. And losses trimmed by the close.

Meanwhile, September is proving a good month for stocks overall, potentially the best September since 2010. The S&P 500 is up 2.77%, with the Dow up 3.1% and the Nasdaq 2.69%.

With the close, the averages were near all-time highs. The S&P 500 was off 0.68% from its all-time high of 3,027.98, reached July 26. The Dow off 0.65% and the Nasdaq 1.95% away.

Weakness in big tech stocks, including chipmaker Broadcom (NASDAQ:AVGO), Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC), Microsoft (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN) pulled both Nasdaq indexes modestly lower. And about half the Nasdaq-100 stocks were higher.

Apple regained some ground after challenging a Goldman Sachs assertion that Apple's pricing plans for its Apple (NASDAQ:AAPL) TV+ service could hurt earnings. No, Apple said in a comment sent to CNBC, it won't affect results at all.

But bank stocks generally had a strong day. JPMorgan Chase (NYSE:JPM) rose nearly 2% and hit a 52-week high of $120.40. Morgan Stanley (NYSE:MS) jumped 1.9%. Bank of America (NYSE:BAC) finished up 1.69%. Citigroup (NYSE:C) was up 1.57%, and Goldman Sachs (NYSE:GS) added 0.53%.

The fuel was rising interest rates. The 10-Year Treasury yield rose to 1.899% on Friday, up from 1.791% on Thursday and an intraday low of 1.452% on Sept. 4. The yield is still down 29% from Dec. 31.

The catalyst that's helped stocks this month is still in place: a thawing in the trade tensions between the United States and China. The U.S. agreed to delay imposition of new tariffs for two weeks. China said it would buy soybeans and pork products and not impose scheduled tariffs on those U.S. products. Officials from both countries are set to meet in Washington next month.

But a new question mark will challenge markets next week. Will the Federal Reserve cut interest rates after its two-day meeting? The decision will be announced Wednesday afternoon.

Because of this week's interest-rate rise, most analysts expect the Fed to cut its federal funds rate to 1.75% to 2% from 2% to 2.25%. But Investing.com's Fed Rate Monitor Tool put the odds on Friday for that at 78.5%, down from 90% Thursday and a week ago.

President Donald Trump, worried in part about the 2020 election, wants the Fed to cut rates substantially, perhaps even to zero.

Meanwhile, gold and oil prices slipped on Friday and ended the week lower.

The week saw the major averages rise roughly 1% across the board.

Despite lower oil prices, Cimarex Energy (NYSE:XEC) and Pioneer Natural Resources (NYSE:PXD), plus Freeport-McMoran Copper & Gold (NYSE:FCX) and DuPont (NYSE:DD), were among the top S&P 500 performers.

Insurance company Progressive (NYSE:PGR), telecommuncations company CenturyLink (NYSE:CTL), trading-platform operator MarketAxess Holdings (NASDAQ:MKTX) and cigarette maker Altria (NYSE:MO) were among the weakest S&P 500 stocks.

Stocks – Market Ends Mixed; September Looks Bullish for Wall Street
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Paul Nohan
Paul Nohan Sep 13, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how will the feds rates affect stock market and dollar price?
Ying Yu
Ying Yu Sep 13, 2019 4:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good comment. buy now. However. I will not
Tim Lee
Tim Lee Sep 13, 2019 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Might have the best 4th quarter in years(Oct - Dec 31)
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email