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Home / Business / The Dow Jones Index rose more than 100 points as the market tried to avoid losses this week

The Dow Jones Index rose more than 100 points as the market tried to avoid losses this week



A woman rides through the New York Stock Exchange (NYSE) on Wall Street in New York on July 13, 2020.

Johannes Eisele | Getty Images

US stock market futures rose slightly on Thursday night as the market index tried to avoid falling for the fourth consecutive week.

The Dow Jones Industrial Average futures rose about 1

10 points, or 0.5%. Contracts related to the S&P 500 and Nasdaq Composite Index rose 0.5% and 0.6%, respectively.

Futures prices rose after a small increase in the three major U.S. stock indexes during the shock period on Wednesday, but they remained negative this week. The Nasdaq Composite Index slightly outperformed the broader market, rising about 0.4%, which is also the best performing index this week.

The performance of the high-tech index is better than earlier in the market correction period. Most of the losses in September were concentrated in large technology stocks, which accounted for a large proportion of the index. Apple shares rose 1% on Thursday, but still fell more than 19% from the recent closing high on September 1.

BlackRock’s managing director and portfolio manager, Russ Koesterich, said on CNBC’s “closing clock” that his team stopped losses in some fast-growing high-tech stocks at the end of August. It then bought more cyclical stocks during the recent market decline.

“What we have been trying to do in recent weeks is to increase periodic exposure… This is not to say that we think technology will continue to evolve. We still like these themes. But from a short-term tactical point of view, we are satisfied with the economy, we I think we will continue to see improvements, and we are looking for companies that can improve this situation,” Koesterich said.

The state of economic recovery has become a hot topic on Wall Street in recent weeks, especially after the death of Supreme Court Justice Ruth Bader Ginsburg (Ruth Bader Ginsburg). Many strategists have reduced the bailout plan before the election. Possibility. Goldman Sachs (Goldman Sachs) on Thursday lowered its annual forecast for the fourth quarter gross domestic product (GDP) from 6% to 3%.

A person familiar with the matter told CNBC that Democrats in the House of Representatives are preparing a $2.4 trillion bailout plan, and they may vote as early as next week. The bill will include increased unemployment benefits and assistance to airlines, but the total price is still much higher than the price that Republican leaders are willing to spend.

— CNBC’s Jacob Pramuk contributed to this story.

Correction: Corrected the previous title of this report to point out that the Dow Jones Index futures are higher than the Dow Jones Index itself.


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