S&P 500 ends up, win streak at 5; Nasdaq ekes out gain even as Alphabet weighs
By David French
Wed August 14, 2024 4:46 PM
It was another seesaw day with the Dow mostly up, again a handsome 3-digit gain, but the S&P and Nasdaq swinging back and forth between black and red and closing almost even. Today’s performance was described as “listless” and no explanation was given for the big Dow gain. The good news is the CPI report today showed very promising data with inflation below 3% for the first time in nearly four years. The odds of a September rate cut are now just about 50/50 between a ¼ point and ½ point. The great panic of last week is behind us. The VIX has in ten days dropped back to its normal level of 17.6, the quickest drop ever from last Monday’s 4-alarm rating of 35. The retail sales report comes in tomorrow. Per the CBOE, volume was 10.3 billion, still well below average.
DJ: 39,765.64 +408.63 NAS: 17,187.61 +407.00 S&P: 5,434.43 +90.04 8/13
DJ: 48,008.39 +242.75 NAS: 17,192.60 +4.99 S&P: 5,455.21
+20.78 8/14
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