Market roundup for Sept. 18
SAN JUAN — The U.S. stock market ended with losses for a third consecutive day, capping a very active and volatile week.
Most investors appear to be reacting to several recent world central banks’ meetings, which provided unclear direction as to their market support.
Technology stocks continued to be impacted. We believe that most stocks continue to be overbought in the short-term, making them targets for a correction.
Another critical benchmark reported Friday, U.S. Housing Starts, fell last month 5.09%, compared with 17.94% the previous month.
Most U.S. airlines’ CEOs met at the White House to warn that without an extension of the Coronavirus Aid, Relief and Economic Security (Cares) Act’s Payroll Support Program, they will be forced to furlough hundreds of thousands of workers by October. In early March, the transportation sector had 512,000 workers, but has lost more than 132,000 jobs; the airlines are also calling on Congress to act.
On to markets.
- The Dow Jones Industrial Average closed at 27,657.42, down 244.56 points, or 0.88%.
- The Standard & Poor’s 500 Index closed at 3,319.47, down 37.54 points, or 1.12%.
- The NASDAQ Composite Index closed at 10,793.28, down 116.99 points, or 1.07%.
- The Birling Capital Puerto Rico Stock Index closed at 1,541.14, up 6.71, or 0.44%.
- The U.S. Treasury 10-year note closed higher, at 0.7%.
- The U.S. Treasury 2-year note closed flat, at 0.14%