Wall Street Stocks End Shaky Day Mostly Unchanged
Stocks on Wall Street experienced a volatile day of trading on Thursday, September 24, but ultimately ended where they began. The S&P 500 index fell by less than 0.1%, with the Dow Jones industrial average dropping 161 points or 0.3%. Meanwhile, the Nasdaq composite added less than 0.1%.
The bond market had a significant impact on stocks, as the yield on the 10-year Treasury jumped to 5.20% from 5.11% late Wednesday. This has slowed economic growth by making borrowing more expensive and undercutting stock prices. The yield followed oil prices, which have been uncertain due to the war with Iran.
The price of Brent crude oil fluctuated throughout the day, dropping from $102 to around $99 in a matter of minutes before rising to settle at $100.22, up 2.1% from the previous day. This uncertainty has contributed to higher Treasury yields and slower economic growth.
Despite these concerns, the US economy continues to expand, with fewer workers applying for unemployment benefits last week. This has strengthened expectations for the economy and may lead the Federal Reserve to raise interest rates twice more by the end of the year.