Highlights
Stocks recovered Friday from midday lows to end narrowly mixed as limited dip-buying returned amid hopes for an end to the government shutdown. The Dow Jones industrial average and the S&P 500 both rose percent, and Nasdaq lost 0.2 percent. US Treasury yields were mostly lower, oil prices rose, and the dollar weakened versus most currencies.
Stocks recovered through the middle of the day after Democrats spelled out their price for reopening the government a one-year extension of Obamacare subsidies, but the uptick faltered late after Republicans rejected the requirement. Megacaps and growth stocks generally were under pressure much of the day to limit any advance in the major indexes.
Weak economic data, including a lower than expected consumer sentiment reading, dampened shorter Treasury yields and inspired more rate cut hopes, which provided a lift for stocks. Best performers included materials, industrials, financials, energy, real estate and consumer staples. Communications services and technology lagged.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.