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Dow and S&P 500 record modest gains after five-day losing streak

By Yashasvini on Sep 14, 2021 | 04:34 AM IST

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Gains in energy stocks pushed the Dow Jones Industrial Average and S&P 500 to record their first positive finish in six sessions, on Monday.

The Dow Jones Industrial Average was up by 261.91 points, or 0.8%, to end at 34,869.63 while the S&P 500 rose by 10.15 points, or 0.2%, closing at 4,468.73, but was still way below its intraday high of 4,492.99. The tech-heavy Nasdaq Composite fell 9.91 points, or 0.1%, finishing at 15,105.58, extending its losing streak into the fourth session on Monday.

Last week, the Dow lost 2.2%, the S&P 500 dropped 1.7% and the Nasdaq Composite fell by 1.6%. It was the worst week for the Dow and the S&P 500 since June 18, as both indexes fell for five straight sessions.

Analysts interviewed by MarketWatch termed the market as a drifting one that wouldn’t encounter any serious declines during the month of September.

Even as increased vaccinations have led to the reopening of the economy, last week’s declines were attributed to the growing fear of the spread of the delta variant and the strained global supply chains due to intermittent shutdowns and increasing demand.

S&P energy stocks were the best performers, sector-wise, climbing 3% as oil prices hit a one-week high on concerns over U.S. supply whereas financial stocks were up by 1%.

Apple Inc was among the top tech stocks to lead the gains, rising 0.5% after a mixed court ruling in Epic Games' antitrust case wiped out nearly $90 billion off its market value on Friday.

Marriott Vacations Worldwide Corp. The stock rose 4.7% even after the company said that it expected its third-quarter contract sales to fall on the lower end between $380 million to $410 million after wildfires in Lake Tahoe caused moderately elevated cancellation rates.

On Monday, the Treasury Department said that the U.S. federal budget deficit narrowed to $2.71 trillion during the first 11 months of the fiscal year. This is $297 million or 10% lower than the $3 trillion deficit over the same period last year.

The 10-year Treasury yield was down 1.7 basis points at around 1.323%. 

Picture Credits: Bloomberg

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