NEW YORK, New York - U.S. stocks were mixed Wednesday, continuing the rocky week which has seen equities lurch from one extermne to another. Some however see it as a consolidation phase and the market's upward trajectory will resume.
"Usually Septembers of election years are negative. However, if they're positive, then that also implies a positive October, as compared with the more normal negative October," CFRA Research chief investment strategist Sam Stovall told CNBC Wednesday. "In the final two months of election years the market has risen almost every time with all sizes, styles and sectors posting positive returns. So investors are very much aware that the momentum is behind the market."
Stovall however added a cationary note "We might end up being vulnerable to some exogenous event that could cause a shakeout in equity prices," he said.
Nvidia shares rose 3 percent Wednesday, while a major stand-out was Trump Media which was up 15.52 percent as polls are now forecasting a narrow Trump win in the presidential election.
S&P 500 rose by 27.21 points, closing at 5,842.47, an increase of 0.47 percent. Gains were spread across technology, healthcare, and consumer discretionary sectors, as optimism over economic resilience buoyed investor sentiment.
Dow Jones Industrial Average advanced by 337.28 points to 43,077.70, marking a gain of 0.79 percent. This index benefitted from strong performances in financial and industrial stocks, helping it outperform other major indices.
NASDAQ Composite climbed 51.49 points, finishing the day at 18,367.08, up 0.28 percent. The tech-heavy index saw moderate gains, with some large-cap technology stocks recovering from recent sell-offs.
The U.S. dollar exhibited strength against most currencies Wednesday, particularly the yen and the Swiss franc, signaling ongoing support for the greenback. Meanwhile, commodity-linked currencies, such as the Australian and New Zealand dollars, continued to face downward pressure, impacted by weaker market sentiment and potential concerns over global economic growth.
The British pound experienced a notable dip, reflecting a 0.62 percent decline, as market sentiment surrounding the U.K. economy weighed on sterling. The euro followed a similar path, dropping by 0.30 percent against the dollar, extending its recent losses.
The US Dollar Index rose by 0.28 points to 103.54, up 0.27 percent.
As volatility persists, traders will be closely watching for upcoming economic data releases and central bank statements that could further influence the currency markets.
Here is a detailed overview of the latest forex market quotes:
EUR/USD (Euro / US Dollar) slipped slightly, trading at 1.0858, a decline of 0.30 percent.
USD/JPY (US Dollar / Japanese Yen) strengthened, reaching 149.7, representing an increase of 0.40 percent and gaining 0.59 yen.
USD/CAD (US Dollar / Canadian Dollar) eased to 1.37588, posting a marginal decline of 0.11 percent.
GBP/USD (British Pound / US Dollar) weakened, falling by 0.62 percent to 1.2991, a decrease of 0.01 dollar.
USD/CHF (US Dollar / Swiss Franc) rose to 0.8650, reflecting a gain of 0.36 percent.
AUD/USD (Australian Dollar / US Dollar) declined by 0.56 percent, closing at 0.6665.
NZD/USD (New Zealand Dollar / US Dollar) also lost ground, falling by 0.39 percent to 0.6058.
Stock markets worldwide delivered mixed results on Wednesday, with European indices showing divergent movements while major Asian and U.S. dollar-linked indices faced pressure. Below is a summary of the performance across key markets.
EUROPE
OCEANIA
MIDDLE EAST
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