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  3. US markets end mostly higher on Wednesday

US markets end mostly higher on Wednesday

28 Sep 2023 Evaluate

The US markets ended mostly higher on Wednesday as some traders made another attempt at bargain hunting following yesterday's sell-off but concerns about the outlook for interest rates continue to hang over the markets. Meanwhile, a possible shutdown has added to worries for stock investors as they grapple with benchmark Treasury yields that have climbed to 16-year highs after the Federal Reserve last week signaled a hawkish long-term path for interest rates. On the sectoral front, while most of the major sectors showed only modest moves on the day, energy stocks saw substantial strength amid a sharp increase by the price of crude oil. With crude for November delivery soaring $3.29 to $93.68 a barrel amid concerns about tight supplies, the Philadelphia Oil Service Index spiked by 3.4 percent and the NYSE Arca Oil Index surged by 2.4 percent.

On the economic data front, the Commerce Department released a report unexpectedly showing a modest rebound in new orders for U.S. manufactured durable goods in the month of August. The Commerce Department said durable goods orders crept up by 0.2 percent in August after plunging by a revised 5.6 percent in July. The uptick surprised participants, who had expected durable goods orders to fall by 0.5 percent compared to the 5.2 percent nosedive that had been reported for the previous month. Excluding a modest decrease in orders for transportation equipment, durable goods orders rose by 0.4 percent in August after inching up by a downwardly revised 0.1 percent in July. Street had expected ex-transportation orders to edge up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.

Nasdaq rose 29.24 points or 0.22 percent to 13,092.85 and S&P 500 was up by 0.98 points or 0.02 percent to 4,274.51, However, Dow Jones Industrial Average fell 68.61 points or 0.2 percent to 33,550.27.


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