Stock market news August 30
The Nasdaq and the S&P 500 climbed on Wednesday, while the
Dow ended little changed.
Within the tech-heavy Nasdaq, Netflix was up by 3.5%, Amazon
gained 1.5%, and Tesla was climbed 1.4%.
First up, the scoreboard:
- Dow: 21,892.43,
- S&P 500: 2,457.59,
- Nasdaq: 6,368.31,
Second-quarter GDP hits Trump’s 3% target. US economic
growth in the second quarter is now thought to be stronger than
previously reported, helped by stronger business investments and
ADP showed big job gains in August. US businesses added
a healthy 237,000 jobs in August with broad gains across several
industries including construction, manufacturing and leisure and
hospitality, according to a private survey.
The dollar bounced back a day after tumbling to its lowest
level since January 2015. The US dollar index was up by 0.7%
at 92.91 in the mid-afternoon. “The greenback has started to
stabilize a bit after holding some key technical levels
yesterday,” said Mark McCormick, the North American
Head of FX Strategy at TD Securities, in emailed
The largest oil refinery in the US is shutting down because of
flooding from Harvey. Motiva’s refinery in Port Arthur,
with a capacity of 603,000 barrels a day, began shutting down at
around 5 a.m. CT on Wednesday “in response to increasing local
flood conditions,” according
to The Wall Street Journal. Motiva is owned by Saudi Arabia’s
state oil behemoth Saudi Aramco.
Russia’s central bank mounts one of its biggest ever bailouts of
a financial institution. The bank is taking up to 75% of
Otkritie, the country’s biggest private lender.
Traders are no longer impressed by the biggest driver of stock
market gains. The stock market is becoming a victim of
its own success. Even when companies turn in
reports, that strength isn’t translating to higher stock
prices. “Investors appear to be taking the recent earnings
success of stocks for granted,” Brian Hayes, the head of equity
quantitative research at Morgan Stanley, wrote in a client note.