US markets experience mixed fortunes as the Dow gains and the Nasdaq sinks – Proactive Investors USA
4.05pm: A tale of two markets
Mixed fortunes for US markets today with strong gains on the DJIA, spurred by better than expected economic data, and heavy losses on the Nasdaq hit by a 25% fall in the Meta share price.
At the close the Dow Jones Industrial Average was up 199 points, or 0.62%, to 32,038, the S&P 500 was down 23 points, or 0.59%, to 3,808 and the Nasdaq Composite slipped 178 points, or 1.63%, to 10,793.
Better than expected third quarter GDP figures had earlier sent the Dow over 500 points higher earlier allaying fears of a recession – for now at least – while there was also encouraging news on the inflation front.
The chain-weighted price index, a cost-of-living measure that is adjusted to reflect changing consumer behaviour, rose 4.1%, but well below the 5.3% estimate.
That offered hope for market observers looking for data indicating inflation was coming down, which could lead the Federal Reserve to ease rate hikes after the November meeting.
Better than…
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source: https://news.oneseocompany.com/2022/10/27/us-markets-experience-mixed-fortunes-as-the-dow-gains-and-the-nasdaq-sinks-proactive-investors-usa_2022102734552.html
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