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By Alex Eule
| Wednesday, September 29 Small
Victories? Stocks rose a day
after their biggest selloff in months, but it wasn't exactly a buy-the-dip
type day that bulls might have been hoping for. The S&P
500 followed up its 2% decline with a 0.2% gain.
The Dow Jones Industrial Average rose 91 points, or 0.3%. (The Nasdaq
Composite actually dropped 0.2% a day after it
fell 2.8%.) It's hard to
blame investors for the lack of enthusiasm. They're surrounded by
uncertainty. While there was progress today toward
averting a government shutdown, the debt ceiling remains an issue,
with no obvious path right now to avoiding a U.S. default. Meanwhile,
$4.5 trillion dollars worth of spending bills could pass this week ... or
they could be defeated. Or we could wind up with something in the middle.
It's the kind of uncertainty that investors love to hate. One piece of
good news for stock investors: Bond yields paused their ascent. The yield on
the 10-year Treasury note was up 0.006 percentage point today, to 1.540%.
While it was technically a seventh consecutive rise, the tiny move
suggests the relentless rise in yields could be waning. For all the
worries, it's worth noting that stocks are still doing well. With the
third quarter coming to a close, the S&P 500 is up 1.4% over the
three-month stretch. Assuming no big selloff tomorrow, it would mark the
index's sixth consecutive quarterly rise -- the longest winning streak since
2017. On the year, the S&P 500 is still up 16.1%. |
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DJIA: +0.26% to 34,390.72 The Hot
Stock: Dollar Tree +16.5% Best Sector:
Utilities +1.3% |
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