September 28 Market Update
The S&P 500 climbed 1.7 percent in late morning trading in New York, hovering around 3,355. The NASDAQ climbed 192 points to 11,105 while the Dow Jones gained 465 points to 27,639.
The S&P 500 is now more than 4% in September, but is 3% above its lows and up more than 8% for the quarter. The tech-heavy NASDAQ is up more than 10% for the quarter, though down more than 9% for the month.
Banks and energy companies lifted major U.S. stock indices amid the broad rally.
US oil producer Devon Energy has agreed to buy rival WPX in a $12b deal, the shale industry’s largest since crude prices collapsed earlier this year.
Uber won an appeal over its operating license in London, a step forward for the ride-hailing giant as it tries to build trust with global regulators.
An uptick in coronavirus cases continued in parts of the U.S., and particularly in certain areas around New York City.
The wealth of U.S. families broadly rose in the years leading up to the coronavirus pandemic, with large gains made by lower-income and lower-wealth families, according to a Fed report. Household median net worth rose 18% to $121,700 from 2016 to 2019.
Yields on 10-year Treasury notes ticked up to 0.663%.
The Trump Administration imposed sanctions on China’s largest chipmaker, SMIC.
The VIX index, the market’s “fear gauge,” rose 0.3% to 26.6.
Any opinions are those of Burke Koonce and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Burke Koonce is a financial advisor at Raymond James & Associates, Inc., member New York Stock Exchange, member SIPC. www.raymondjames.com/burkekoonce