Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Former FBI Director Robert Mueller has Parkinson’s disease:...
Earthwise Advertising & Investor Awareness Campaign
Commencement of Henbury Field Program
RCM to Acquire Webbs Consol Silver Project from...
Basin Energy
Epstein estate to hand over ‘birthday book’ to...
Dyan Cannon denied White House entry after lying...
Israel eliminates Houthi prime minister in Yemen airstrike...
Sen. Bernie Sanders calls on RFK Jr. to...
Trump appointee exits US foreign aid agency after...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Stocks close higher, clawing back some losses from Monday’s sell-off

by admin August 11, 2024
August 11, 2024
Stocks close higher, clawing back some losses from Monday’s sell-off

Stocks ticked up Friday as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index ended the week just shy of completely reversing its weekly losses.

The S&P 500 advanced 0.47% to finish at 5,344.16. The Nasdaq Composite added 0.51% to close at 16,745.30. The Dow Jones Industrial Average inched up 51 points, or 0.13%, to end at 39,497.54.

Week to date, the broad market index was just 0.04% lower. During Friday’s session, it had managed to briefly turn positive for the week before losing some of its gains. Meanwhile, the blue-chip Dow and tech-heavy Nasdaq were down on the week by 0.6% and 0.18%, respectively.

This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.


A trader at the New York Stock Exchange on Aug. 8, 2024.Spencer Platt / Getty Images

However, the major averages mounted a comeback, with Thursday’s encouraging weekly jobless claims number helping alleviate investors’ concerns about the U.S. economy. The S&P 500 advanced 2.3% on Thursday for its best day since November 2022, while the 30-stock Dow surged roughly 683 points. The tech-heavy Nasdaq Composite added nearly 2.9%.

At the Monday lows, the S&P 500 was down nearly 10% from its recent all-time high. The Nasdaq Composite’s pullback reached full-fledged correction territory of beyond 10%. The Cboe Volatility Index — used by Wall Street to measure fear — reached heights last seen during the onset of the Covid-19 pandemic and the Great Financial Crisis.

But investors stepped in to buy the dip on the notion another crisis or recession was not on the horizon. The week’s earlier losses were tied more to hedge funds unwinding a long-time bet on a cheap Japanese yen rather than fundamental threats to the economy.

It is not just equity markets that have had a volatile week. The 10-year Treasury yield fell below 3.70% at one point, only to retake 4% on Thursday. It traded around 3.94% on Friday.

Volatile trading activity is on par for the late summer, when there is not much information flow and earnings season starts to unwind, and is not indicative of a worsening economy, said Infrastructure Capital Advisors CEO Jay Hatfield. Much of the sell-offs in the market stemmed from a “hedge fund theme” rather than longer-term investors, according to Hatfield.

“So it makes sense that we bounce back. A volatile sell-off and bounce back is just normal August [and] September behavior; thin markets, hedge funds gone wild and irrational moves down. The recent market activity has no bearing on our long term outlook,” Hatfield added.

This post appeared first on NBC NEWS

previous post
With 28 days until voting starts, ‘election season’ kicks off sooner than you think
next post
Turkey’s invasion threats should be taken ‘very seriously’: Cyprus official

You may also like

Walgreens to close 1,200 stores over the next...

October 16, 2024

Frontier Airlines proposes merging with fellow budget carrier...

January 30, 2025

McDonald’s says $5 value meal sales are hot...

July 30, 2024

Delta Airlines cancellations and delays continue but worst...

July 25, 2024

Here’s what the NBA’s new media deal means...

July 26, 2024

Why Honeywell CEO Vimal Kapur doesn’t think the...

October 15, 2024

A flagging U.S. industry looks for new life...

July 18, 2025

Target CEO addresses price gouging accusations in retail

August 22, 2024

Is a Chinese chain’s blood orange cold brew...

July 7, 2025

Drone company’s stock soars after it appoints Donald...

November 29, 2024

Recent Posts

  • Former FBI Director Robert Mueller has Parkinson’s disease: report
  • Earthwise Advertising & Investor Awareness Campaign
  • Commencement of Henbury Field Program
  • RCM to Acquire Webbs Consol Silver Project from Lode Res.
  • Basin Energy

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (902)
    • Investing (2,872)
    • Politics (3,525)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.