Big storms averted in stocks
The Standard & Poor’s 500-stock index rebounded from a loss of more than 2.5 percent Monday after Glencore roiled globalmarkets and a 1.6 percent retreat Friday following a monthly U.S. jobs report. Industries from biotechnology to rawmaterials bounced back after hitting lows for the year.
Stocks had tumbled toward the lows of August’s sell-off, when the S&P 500 entered its first correction in four years. The S&P 500 ended the week with a 1 percent gain to 1951.36. The Dow Jones industrial average added 157.70 points, or 1 percent, to 16,472.37.
“A lot of the nervous money has already left the market,” said “Bucky” Hellwig, who helps manage $17 billion at BB&T Wealth Management. “If there was any day you could make the case for the market going down, it’s on the Friday of a weak employment report, but the market stabilized and that’s encouraging.”
U.S. equities have seesawed between gains and losses since August’s sell-off, as investors wrestle with concerns about a slowing global economy and confusion over the Federal Reserve’s plans for higher interest rates.
The U.S. Treasury will sell $21 billion in both three-month bills and six-month bills Monday. They yielded 0.005 percent and 0.07 percent in when-issued trading. The Treasury will also sell four-week bills and $24 billion in three-year notes Tuesday, $21 billion in 10year notes Wednesday, and $13 billion in 30-year bonds Thursday.
Editor’s note: Going forward, our weekly composite stock listing highlights companies based in Washington or with a strong presence here. The rest of the table shows firms as ranked by market capitalization. And we’ve added year-to-date data because readers told us it would be useful.