DAILY UPDATE: Stocks Rise Amid Apple Hype

Posted on August 31, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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  • Markets: Investors are still in the Upside Down, where bad economic news is good news (and vice versa) thanks to the Fed, so stocks rose yesterday as the market digested data showing the labor market is cooling and there are fewer open jobs. Apple’s hype machine sent its stock climbing as excitement builds for its upcoming iPhone event.

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Here is where the major benchmarks ended:

  • The S&P 500 Index was up 17.24 points (0.4%) at 4,514.87; the Dow Jones Industrial Average (DJIA) was up 37.57 points (0.1%) at 34,890.24; the NASDAQ Composite was up 75.55 points (0.5%) at 14, 019.31.
  • The 10-year Treasury note yield (TNX) was little changed at 4.118% after dropping below 4.09% earlier.
  • CBOE’s Volatility Index (VIX) was down 0.57 at 13.88.

Energy companies were among the strongest performers Wednesday as crude oil futures extended a rally, rising to their highest level in more than two weeks. Retail and transportation shares were also higher.  Treasury yields, which have bedeviled the stock market after surging at the start of this month, fell to near three-week lows.

The U.S. Dollar Index (DXY) weakened to a two-week low, thanks to hopes that interest rates may not need to stay so high for so long.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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