The Dow Jones Industrial Average closed higher on Friday (Sept. 24), helped by gains in Tesla and Facebook. This helped offset the fall in Nike shares. The market also eased concerns about China’s Evergrande woes.
The Dow Jones Industrial Average closed at 34,798.00, up 33.18, or +0.10%, the S&P 500 closed at 4,455.48, up 6.50, or 0.15%, and the Nasdaq closed at 15,047.70, down 4.54, or -0.03%.
in the past week The Dow was up 0.6%, the S&P500 was up 0.5% and the Nasdaq was flat, up less than 0.1%.
Markets recovered as investors eased concerns about China’s Evergrande default.
The market is also rising. After the US Department of Commerce reported that New home sales rose 1.5% to 740,000 units in August. It rose for the second month in a row and beat analyst expectations of 714,000 units. New home sales fell 24.3% in August.
The market was boosted by Facebook, up 2 percent and Tesla, up 2.7 percent, while energy stocks gained 0.8 percent and communications services rose 0.7 percent.
But Nike shares fell 6.3 percent on lower sales expectations. This was due to supply chain issues and foot locker stocks also fell.
Crypto-currency stocks such as Coinbase Global, Microstrategy, Riot Blockchain and Marathon Patent Group fell after China’s central bank banned the mining and trading of cryptocurrencies. Pto
Investors are still watching for signs of progress on President Joe Biden’s budget bill and spending.
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