The major US stock indices traded above and below unchanged today in up-and-down trading, but each of the indices is ending the day in the red. A snapshot of the closing levels shows:
- Dow industrial average -106.60 points or -0.31% at 3393.83
- S&P index -9.96 points or -0.23% at 4320.05
- NASDAQ index -12.19 points or -0.09% at 13211.80
For the trading week, all major indices closed lower. The Dow industrial average has now declined 2 of the last 3 trading weeks. The S&P and NASDAQ index closed lower for the 3rd consecutive week.
For the NASDAQ index, the move lower this week was the largest decline since March 6. For the S&P index, it also had its worst week since March 6.
For the trading week:
- Dow industrial average fell -1.89%
- S&P index fell -2.93%
- NASDAQ index fell -3.62%
Hurting the tone in stocks are:
- Higher rates
- Concerns about government shutdown
- Higher energy prices
- Auto strikes
- Increased government debt
Technically, the Dow industrial average, NASDAQ index, and S&P index all our closing week below there 100 day moving averages.