real-time news and commentary for investors
Thursday, Oct 17
S&P hits new highs, Dow bounces from triple-digit losses
- Stocks reversed early losses to close mostly higher, with the S&P rallying to a new record high, as many investors think economic damage from the government shutdown will lead the Fed to keep easy money in place longer than otherwise expected.
- The Dow recovered to finish flat after being down sharply for most of the day, weighed by weak earnings reports from IBM, Goldman Sachs and UnitedHealth.
- Treasurys rallied, and short-term bills returned to more-normal levels, while the dollar index fell near its lowest level of the year as global investors perceive the debt deal as nothing more than a temporary fix.
- Crude oil futures lost 1.6% to $100.67 for its lowest settlement in more than three months; gold jumped 3.2% to $1,322.70.