September 22, 2021

SHSU Houstonian Online

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Weather records in US stock markets |  Financial issues

Weather records in US stock markets | Financial issues

The leading Dow Jones index closed the session 0.1 percent higher at 3,4405.50 points. The S&P 500 rose 0.2 percent to an all-time high of 4,496.19 points. The Nasdaq also sharpened its old record, up 0.2 percent to 15,041.86 points.

Rising US Treasury yields have fed interest rate-sensitive funds such as financial institutions. The sectors that benefited most from the economic recovery, including chip companies, also outperformed the broader market.

Chip makers Nvidia and Applied Materials rose 1.9 percent. Combined with smaller increases in heavyweight companies like Alphabet, car maker Tesla and technology company Facebook, they gave Nasdaq a boost.

Nordstrom is down about 18 percent. Department store sales were still lower last quarter than they were before the coronavirus crisis. Sporting goods seller Dick’s Sporting Goods also opened the books. Those results were good, and the share was up 13 percent.

Western Digital (along with 8 percent) was among the protestors. According to The Wall Street Journal, the technology group is in advanced talks with Japanese chipmaker Kioxia about a merger. The deal is worth at least $20 billion (about 17 billion euros).

Investors are also particularly looking forward to the annual Jackson Hole meeting of central bankers, which begins Thursday. Federal Reserve Chairman Jerome Powell, the umbrella organization for US central banks, will deliver a speech on the economic outlook on Friday. Markets will be watching for indications about the phasing out of corona support and the impact of the corona virus delta variable on the economic recovery.

The euro was worth $1.1768, versus $1.1752 at the close of European stock markets earlier in the day. The price of a barrel of US oil became 0.8 percent at $68.33. Brent oil rose 1.6 percent at $72.17 a barrel. This is the third consecutive session in which oil prices have risen, supported by a government report that showed a decline in US oil inventories.

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