Minutes from the Federal Reserve’s September meeting showed policymakers were anxious about a global economic slowdown weighing on the economy, which investors took to mean that rates would stay at near-zero levels this year.
U.S. stocks have finished a buoyant week on an up note, with the tech-rich Nasdaq enjoying the biggest gains thanks to Apple.
The Dow Jones Industrial Average (DJIA – 17,084.49) tracked a roughly 84-point range today, eventually settling with a 33.7-point, or 0.2%, win. The Nasdaq Composite ended the day up 19.68 points, or 0.4%, at 4,830.47 and advanced 2.6% over the week.
The Dow is down 738.58 points, or 4.1 percent.
All ten major S&P sectors were up, with the energy index’s 1.4 percent rise leading the advancers.
Gold futures on the COMEX division of the New York Mercantile Exchange extended gains on Monday as weak U.S.jobs data continued to ease fears that the Fed would hike rates in 2015.
Alcoa fell almost 5 percent to $10.44 after it reported disappointing results.
“When management starts talking about what they’re doing on addressing the China issue, the stronger dollar, as well share buybacks or dividend increases, that is what’s going to dictate market action and people’s focus”, said Kevin Kelly, CIO of Recon Capital Partners.
Energy stocks were among the biggest gainers on Thursday, following oil higher.
The US trade balance is already feeling the pressure from these dynamics, with the trade deficit rising 15.6 percent to $48.3 billion in September. Ebay’s stocks were down more than 7 percent.
Advancing issues outnumbered decliners on the NYSE by 1,672 to 1,270.
The CBOE Volatility Index (VIX – 17.08) shed 0.3 point, or 2%, to close at its lowest mark since August. 19.
Netflix recovered from a decline to surge more than five per cent on news that the streaming giant will hike prices on the standard plan by $1 a month to $9.99.