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The Dow continued to fall today. The latter plummets more than 800 points, breaking the 29,000 level, as investors make a profit. After the market soared earlier
At 22.20 GMT, the Dow Jones Industrial Average was 28,296.20 points, minus 804.30 points or 2.76%.
Tech stocks tumbled today. Led by Apple shares that tumbled more than 5%, making a record for the biggest drop since March 20
Facebook Inc.’s share price fell more than 3% after announcing today. The company will ban political ads before the US presidential election later this year.
The Dow Jones rose 7.6 percent in August, having rebounded for the fifth consecutive month, setting the record for the largest increase in August in 36 years.
The S&P 500 rallied 7% in August, rose for the fifth month in a row, and hit the record for the largest increase in August in 34 years.
The S&P 500 hit its all-time high in August. And confirming the start of a bull market
On Friday the Dow was able to drop all the negative ranges it had since the beginning of this year. Federal Reserve Chairman Jerome Powell delivered a speech at the Fed’s annual meeting in Jackson Hole announcing a major change in monetary policy. The Fed will change its approach to setting inflation targets. It will allow more inflation to pick up to support the labor market. And the US economy This signaled that the Fed will keep interest rates low for years to come.
The release of US economic figures today. The US Department of Labor released the first 881,000 applicants for unemployment benefits last week. That’s better than what analysts had forecast of 950,000 after 1.011 million were reported earlier this week.
Meanwhile, the number of Americans still seeking unemployment benefits fell to 13.254 million after hitting a record 24.912 million in early May.
Said the US Department of Commerce. The United States trade deficit increased more than expected in July. It rose 18.9% to $ 6.36 billion. Which is the highest level since July 2008 And more than analysts had predicted at $ 50 billion.
The Commerce Department also revealed that Imports rose 10.9 percent to $ 2.317 billion in July. What is the highest level on record? While exports rose 8.1% to 1681 billion dollars.
The US Institute of Supply Management (ISM) survey found that the US service sector index fell to 56.9 in August from 58.1 in July and below the estimate of the analysts at the level. 57.0
The US services sector index was pressured by falling new orders. Although employment rebounded
The index remains above 50, indicating an expansion in the service sector.
The ISM Service Sector Index consists of 17 industries, including real estate, transportation, construction, and mining.
However, the ISM service sector index contrasts with data from IHS Marquit, which indicates the US Purchasing Managers Index (PMI). It recovered to 55.0 in August, the highest level since March last year from 50.0 in July.
The PMI index was above 50 in August, indicating that the US service sector is expanding. Driven by jobs Rising to highest level since June 2014 While new orders reached their highest level in more than a year, confidence in the sector reached the second highest level since April last year.
The PMI index previously slumped to 26.7 in April, a record low. Affected by the spread of the COVID-19 virus.
Investors are keeping an eye on the number of nonfarm payrolls this week. While analysts predicted that tomorrow the US Department of Labor will report a 1,255 million increase in non-farm payrolls in August.
Last month the United States Department of Labor reported. Nonfarm payrolls increased by 1.763 million in July. It was higher than what analysts had forecast of 1.48 million, but below the 4.791 million position in June. Which is a record? The unemployment rate fell to 10.2 percent, well below the 11.1 percent in June and below analysts’ estimate of 10.6 percent.
