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As on : 01-Oct-2024

Market Commentary - Foreign Markets
01-Oct-2024 12:07

DOW adds 8% in September quarter

US markets witnessed choppy moves on Monday before closing the day mostly higher. The major averages all finished the day in positive zone.The Dow added 17.15 points or less than a tenth of a percent to a new record closing high of 42,330.15, while the Nasdaq climbed 69.58 points or 0.4 percent to 18,189.17. The S&P 500 also rose 24.31 points or 0.4 percent to a new record closing high of 5,762.48. DOW ended the September quarter with a 8% gain.

Stocks tracked comments made by Federal Reserve Chair Jerome Powell and a bout of selling in commodities also weighed on sentiments. The US Fed chief suggested the central bank will continue to lower interest rates but stressed the downward path for rates is not on a preset course. Powell said the decision to slash rates by half a percentage point earlier this month reflects the Fed's growing confidence that an appropriate recalibration of monetary policy will maintain strength in the labor market and keep inflation moving sustainably down to the 2 percent target.

On the economic front, Chicago-area business activity saw a continued contraction in the month of September, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer rose to 46.6 in September from 46.1 in August, but a reading below 50 still indicates contraction. The Chicago business has remained in contractionary zone for 24 of the past 25 months.

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