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  • US Stocks climb on bargain hunting
  • September 26,2023  07:41
  • The US stock market finished choppy session slightly higher after bouncing back and forth across the unchanged line on Monday, 25 September 2023, as investors chased for value buying following selloff in previous four days of last week.

    However, market gains were limited as concerns about the outlook for interest rates and caution ahead of the release of some key economic data later this week including the release of a report on personal income and spending that includes readings on inflation said to be preferred by the Fed.

    At the close of trade, the Dow Jones Industrial Average index advanced 43.04 points, or 0.13%, to 34,006.88. The S&P500 index climbed up 17.38 points, or 0.4%, to 4,337.44. The tech-heavy Nasdaq Composite Index increased by 59.51 points, or 0.45%, to 13,271.32.

    Total 8 of 11 S&P 500 sector indexes advanced, with energy sector being top performer, rising 1.3%, followed by materials (up 0.8%), consumer discretionary (up 0.67%), and information technology (up 0.46%) sectors..

    The Fed left interest rates unchanged as widely expected after last week's Federal Reserve meeting but forecast another rate hike before the end of the year as well as keeping rates at elevated levels for longer than previously anticipated.

    Markets have been jittery over the prospects of higher-for-longer interest rates from the Fed, which have sent bond yields surging in September. Yields on the 10-year US Treasury rose another 10 basis points on Monday to 4.544%, while yields on the two-year US Treasury rose to 5.136%.

    Investors are also closely monitoring progress on a budget resolution in Washington. Lawmakers over the weekend expressed few signs of movement on a deal that would keep the U.S. government funded for the remainder of the fiscal year.

    Moody's Investors Service warned in a note on Monday that a U.S. government shutdown would be a ?credit negative? event for the country. Moody's currently has an AAA stable rating on the U.S. government. Fitch downgraded its view of the the U.S. to AA+ from AAA in August.

    Energy stocks turned in a strong performance despite a modest decrease by the price of crude oil. While crude for November delivery fell $0.35 to $89.68

    Shares of chemical giant Dow were up 1.7% after an upgrade from JPMorgan.

    Amazon shares climbed more than 1% after the online retail giant said Monday it will invest up to $4 billion in artificial intelligence firm Anthropic.

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