September 30, 2022

Dubai Week

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A tumultuous week in US stocks and the Dow Jones index has seen its best and worst days since 2020.  Market talk

A tumultuous week in US stocks and the Dow Jones index has seen its best and worst days since 2020. Market talk

U.S. stocks had a volatile session on Friday, after an exciting week since the Dow recorded its best and worst days since 2020.

The S&P 500 ended 0.57% lower at 4123.34, the Nasdaq Composite 1.40% lower at 12144.66 and the Dow Jones 0.30% lower at 32,899.37.

The moves continued with strong selling in stocks on Thursday, with the Dow losing over 1,000 points and the Nasdaq compound falling 5%, with both indices recording the worst one-day decline since 2020.

The S&P 500 fell 3.56%, the second-worst day of the year on Thursday.

On Wednesday, Federal Reserve Chairman Jerome Powell ruled out the possibility of a further rise in interest rates, raising US indices to record the best daily gains since 2020.

E-commerce stocks were hit hard this week, with Amazon and Shaffify ending the week at 7.7% and 11.6%, respectively.

In the weekly front, the Dow fell 0.24% for the sixth week in a row, and the S&P 500 and Nasdaq fell 0.21% and 1.54% for the fifth week.

On the other hand, 10-year Treasury earnings rose to 3.13% for the first time since 2018, corresponding to the day’s low for stocks, but retreated from that level late in the session.

Although the April jobs report showed gains of 428,000, losses on Friday were higher than the 400,000 jobs expected by economists surveyed by the Dow Jones.

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