September 30 Market Update
The S&P 500 climbed 0.35 percent in morning trading in New York, hovering around 3,347. The NASDAQ climbed 27 points to 11,112 while the Dow Jones gained 144 points to 27,597.
The S&P 500 is now down more than 4% for September, but is 3% above its lows and up almost 8% for the quarter. The tech-heavy NASDAQ is up more than 10% for the quarter, though down almost 6% for the month.
A terrible presidential debate raised questions that the upcoming election would produce a clear winner.
Disney announced it would lay off 28,000 employees as Disneyland’s reopening remains unclear.
The Conference Board said its index of consumer confidence surged to 101.8 in September from 86.3 in August, the largest increase since April 2003 and the highest level since March.
An uptick in coronavirus cases continued in parts of the U.S., and particularly in certain areas around New York City, where the positive tests climbed above 3.25%.
Regeneron Pharmaceutical’s experimental COVID-19 drug helped reduce virus levels and improve symptoms in patients who were not hospitalized.
Yields on 10-year Treasury notes ticked up to 0.664%.
A Chinese drugmaker collaborating with AstraZeneca on the production of a coronavirus vaccine won approval from Chinese regulators to begin human testing.
The VIX index, the market’s “fear gauge,” fell 4% to 25.6.
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