The border S&P and NASDAQ index have been down 5 of the last 6 trading days. The NASDAQ index fell -3.24%. The S&P index fell -2.19%. However, each of those indices are up solidly today retracing some of the declines.
The final numbers are showing:
- Dow industrial average rose 211.74 points or 0.63% at 33926.46
- S&P index rose 49.51.41.14 percent at 4378.32
- NASDAQ index rose 219.88 points or 1.65% at 13555.66
The small-cap Russell 2000 index recovered as well with a gain of 26.66 points or 1.46% at 1849.92
- Meta rose $8.53 or 3.06% after Citi's bullish overweight rating bump. Meta shares are up over 130% in 2023
- Nvidia rose $12.38 or 3.05%
- Adobe rebounded $9.71 or 2.02%
- Microsoft rose $5.96 or 1.81%
- Apple rose $2.75 or 1.48%
- Tesla rose by $9.16 or 3.80%
- Delta Airlines rose $2.94 or 6.82%
- Unity Software was a big winner with a gain of $5.66 or 15.41%
Google/Alphabet was a laggard today as it works through a number of recent downgrades. It closed near unchanged at $180.33
Concerns about the US economy rolling into a recession were erased after durable goods came in better than expectations, housing data was strong, and consumer confidence pushed higher. That might not be good for inflation if it persists but it is good for Goldilocks views. Yields in the US moved higher and are trading near the highs for the day:
- 2-year yield 4.761% +9.1 basis points
- 5-year yield 4.034% +7.0 basis points
- 10-year yield 3.765% +4.7 basis points
- 30-year yield 3.837% +1.9 basis points
Crude oil is closing near low levels despite the better view from US economic data. The price is down $1.67 at $67.70.
