Weekly Recap – Oct. 1: U.S. Markets
New York, NY, United States (AHN) – U.S. markets finished higher Friday amidst mixed economic data. The move came a day after stocks closed out the strongest September dating back to the 1930′s.
The Dow Jones Industrial average rose 41 points or 0.4 percent, trading in positive territory the majority of the session as 22 of 30 Dow issues finished Friday’s session higher. The move puts the blue-chip index in the green to start the month following the 8 percent rise in September.
The S&P 500 added 5 points or 0.4 percent as nine of 10 major economic sectors finished higher Friday. Energy names led the way, adding 1.3 percent, while tech was the lone laggard, down 0.1 percent.
The Nasdaq Composite added 2 points or 0.1 percent as semiconductors weighed on its advance. The Philadelphia Semiconductor index shed 0.3 percent on Friday.
On the economic front, the University of Michigan Consumer Sentiment survey posted a reading of 68.2 for September, above estimates for 67. Shortly after, the Commerce Department said construction spending in August rose 0.4 percent, which was better than the 0.5 percent decline expected.
However, the Institute for Supply Management said its index for September dipped to 54.4 from 56.3 in the prior month.
Earlier in the week, the Commerce Department released its final estimate on third quarter Gross Domestic Product (GDP), reporting 1.7 percent growth in the economy, topping estimates for 1.6 percent.
Crude oil finished the week strong, adding 2.2 percent to $81.58 a barrel. The commodity rallied 7.5 percent on the week, its best performance since mid-February.
Next week’s market will see a slew of headline economic data beginning with August pending home sales on Monday and concluding with the September unemployment rate on Friday.
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