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Benchmarks closed higher on Thursday as U.S. service sector growth slipped and investors became hopeful that signs of economic slowdown will evoke the Federal Reserve to lower interest rates for the third time this year.
The Dow Jones Industrial Average (DJI) rose 0.5% or 122.42 points to close at 26,201.04. The S&P 500 rose 0.8% to close at 2,910.63. The Nasdaq Composite Index closed at 7,872 gaining 1.1%. The fear-gauge CBOE Volatility Index (VIX) decreased 7.5% to close at 19.12. Advancers outnumbered decliners on the NYSE by a 1.80-to-1 ratio. On Nasdaq, a 1.56-to-1 ratio favored advancers issues.
How Did the Benchmarks Perform?
All 11 major sectors of the S&P 500 rose on Thursday. The energy index led the rise by 1.3%. On the other hand a rally in Microsoft Corporation (MSFT - Free Report) and Facebook, Inc’s shares by 1.2% and 2.7%, contributed highest in the S&P 500′s gain.
The Institute for Supply Management reported that the non-manufacturing index dropped to 52.6. In a poll of 67 economists conducted by Reuters, the index was expected to come in below 55. The index stood at 56.4 in August.
Though readings above 50 signals growth, but the figures are the lowest since August 2016 and this has raised tensions of an economic slowdown and clouded investors sentiments. Topping it up the employment index fell to 50.4 in September from 53.1 in August, which is the lowest recorded since February 2014. While the business activity index fell to 55.2 from 61.5 in August.
The service sector accounts to more than two-thirds of U.S. economic activity, but a persistent U.S.-China trade war is gradually impacting this sector after causing substantial damage to the manufacturing sector.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Stock Market News for Oct 4, 2019
Benchmarks closed higher on Thursday as U.S. service sector growth slipped and investors became hopeful that signs of economic slowdown will evoke the Federal Reserve to lower interest rates for the third time this year.
The Dow Jones Industrial Average (DJI) rose 0.5% or 122.42 points to close at 26,201.04. The S&P 500 rose 0.8% to close at 2,910.63. The Nasdaq Composite Index closed at 7,872 gaining 1.1%. The fear-gauge CBOE Volatility Index (VIX) decreased 7.5% to close at 19.12. Advancers outnumbered decliners on the NYSE by a 1.80-to-1 ratio. On Nasdaq, a 1.56-to-1 ratio favored advancers issues.
How Did the Benchmarks Perform?
All 11 major sectors of the S&P 500 rose on Thursday. The energy index led the rise by 1.3%. On the other hand a rally in Microsoft Corporation (MSFT - Free Report) and Facebook, Inc’s shares by 1.2% and 2.7%, contributed highest in the S&P 500′s gain.
Facebook carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
U.S. Services-Sector Growth Slips
The Institute for Supply Management reported that the non-manufacturing index dropped to 52.6. In a poll of 67 economists conducted by Reuters, the index was expected to come in below 55. The index stood at 56.4 in August.
Though readings above 50 signals growth, but the figures are the lowest since August 2016 and this has raised tensions of an economic slowdown and clouded investors sentiments. Topping it up the employment index fell to 50.4 in September from 53.1 in August, which is the lowest recorded since February 2014. While the business activity index fell to 55.2 from 61.5 in August.
The service sector accounts to more than two-thirds of U.S. economic activity, but a persistent U.S.-China trade war is gradually impacting this sector after causing substantial damage to the manufacturing sector.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>