New York Stock Market Closes…
In the New York stock market, the leading index closed mixed with the financial market uneasiness of the Chinese economy showing a slight decrease.
On the New York Stock Exchange (NYSE) on Sunday, the Dow Jones industrial average rose 64.89 points, 0.26 percent, to 25,444.44.
The Standard & Poor’s 500 index lost 1.00 points (0.04%) to 2767.78, while the tech-heavy Nasdaq composite index lost 36.11 points (0.48%) to 7449.03.
Market participants watched external variables such as China’s 3Q growth indicators and financial market trends and major corporate earnings.
China’s gross domestic product grew 6.5 percent in the third quarter, well below the market consensus of 6.6 percent. However, share prices rebounded as key officials issued word-of-mouth signals. The Shanghai Composite Index surged 2.58% from the battleground.
Major companies’ 3Q08 results were strong.
Procter & Gamble (P & G) surged 8.8% on the back of strong sales in the third quarter, with sales peaking in five years.
PayPal and American Express, both of which announced earnings since the closing ceremony of the previous day, also announced net profit exceeding market expectations. Paypal’s share price soared 9.4%.
More than 15 percent of S & P 500 companies reported earnings, with 83 percent of them receiving more than expected market reports.
Economic indicators released on the day were sluggish. The National Association of Realtors (NAR) announced that September sales of existing homes (seasonally adjusted) fell 3.4 percent to 5.15 million units.
The Wall Street Journal’s professional forecasts fell 0.9 percent to 5.29 million.
Existing home sales fell for four consecutive months from April to July. There was no change in August. It was the first time since 2013 that existing home sales declined for four consecutive months.