Dow Jones closes at record high, extends gains for 5th straight month
US stocks rallied in September closing session with monthly and quarterly gains, while extending its uptrend year-to-date (YTD). This came as investors anticipate a soft-landing scenario in the world’s largest economy.
Dow Jones Industrial Average increased 17 points to a record of 42,330 points, to extend uptrend for the fifth straight month, with monthly and quarterly gains of 1.85% and 8.2%, respectively.
S&P 500, maintaining a five-month winning streak, inched up 0.4%, or 24 points, to record 5,762 points with monthly and quarterly gains of 2% and 5.55% consecutively.
The Nasdaq Composite advanced 0.4%, or 69 points, to18,189 points. NASDAQ-100 Technology Sector Index (NDXT) recorded gains for the second month in a row, adding 2.7%, with 2.55% rise in Q3.
As for the European indices, STOXX Europe 600 inched down 1%, to 522.8 points, reversing a monthly winning streak, after retreating 0.4% last month, while trimming its quarterly and YTD gains at 2.25% and 9.15%, respectively.
DAX 40 decreased 0.75% to 19,324 points. CAC 40 fell 2% to 7,635 points, while FTSE 100 lost 1% to 8,236 points.
In Japan, the Nikkei 225 dipped 4.8%, or 1,910 points, to 37,919. TOPIX decreased by 3.45 to 2,645 points. Therefore, both ended September with quarterly losses at 4.2% and 5.85%, consecutively.
In the oil market, futures contracts for Brent crude for November delivery fell by 0.3%, to $71.77 per barrel, sustaining monthly and quarterly losses of 6.7% and 14%, respectively.
Meanwhile, prices of West Texas Intermediate (WTI) crude oil for November delivery remained unchanged at $68.17 per barrel with monthly and quarterly losses of 6.15% and 13.7%, respectively.
As for gold, futures prices for the yellow metal for December delivery slumped 0.35%, or $8.7, to $2,659.2/ounce, with monthly and quarterly gains of 5.2% and 11.5%, respectively.
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