Stock Market News For Oct 13, 2017
Zacks Investment Research | Oct 12, 2017 10:11PM ET
Markets posted losses on Thursday following a decline in financial shares after banks tanked. Such losses were buoyed by decline in shares of JPMorgan and Citigroup. Further, shares of AT&T also declined and weighed on the broader markets. Meanwhile, initial jobless claims plummeted to hit a six-week low after business resumed in Texas and Florida — areas pummeled by two destructive hurricanes.
The Dow Jones Industrial Average (DJIA) closed at 22,841.01, declining 0.1%. The S&P 500 Index (INX) decreased 0.2% to close at 2,550.93. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,591.51, decreasing 0.2%. A total of 6 billion shares were traded on Thursday, lower than the last 20-session average of 6.1 billion shares. Advancing issues outnumbered decliners on the NYSE by 1.22-to-1 ratio. On the Nasdaq, decliners outnumbered advancers by 1.10-to-1 ratio. The CBOE VIX increased 0.5% to close at 9.9.
Benchmarks Post Losses After Bank Shares Swoon
The S&P 500 lost 4.31 points on Thursday to end in the negative territory. Of the 11 major sectors of the S&P 500, six ended in the red with financial and consumer discretionary shares leading the laggards. The Financial Select Sector SPDR ETF (NYSE:XLF) (XLF) and the Consumer Discretionary Select Sector SPDR ETF (XLY) declined 0.8% and 0.7%, respectively. Financial sector tanked following a nosedive in bank shares. Shares of JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) declined 0.9% and 3.4%, respectively and weighed heavily on the broader markets. Both the companies possess a Zacks Rank #3 (Hold). You can see Zacks Investment Research
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