Stock Market News For Sep 22, 2017
Zacks Investment Research | Sep 21, 2017 10:14PM ET
Market ended in the red on Thursday after investors lost their appetite for stocks following heightened speculations of a December rate hike by the Fed. Further, shares of Apple declined after the launch of iPhone 8. Moreover, Fed’s decision to start unwinding its balance sheet from October also dampened investor sentiment. Meanwhile, President Trump promised to blacklist individuals and organizations engaging in any business with North Korea.
The Dow Jones Industrial Average (DJIA) closed at 22,359.23, losing 0.2%. The S&P 500 Index (INX) decreased 0.3% to close at 2,500.60. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,422.69, decreasing 0.5%. A total of 5.54 billion shares were traded on Thursday, lower than the last 20-session average of 6.03 billion shares. Declining issues outnumbered advancers on the NYSE by 1.35-to-1 ratio. On the Nasdaq, decliners outnumbered advancers by 1.24-to-1 ratio. The CBOE VIX increased 1.1% to close at 9.89.
Dow, S&P 500 Snap Winning Streak
Benchmarks ended lower on Thursday after chances of a rate hike in December increased following the Fed’s statement on Wednesday. FedWatch estimated the probability of a December rate hike to be 70%, up from its previous estimate of 51% — just before the Fed’s statement. Moreover, Fed’s decision to start unwinding its humungous $4.5 trillion balance sheet from October hurt the investor sentiment and weighed on the broader markets. (Zacks Investment Research
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