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Stock market today: Stocks climb out of the red in late trading today

Stock market today: Stocks climb out of the red in late trading today

Stocks turned around late Wednesday, shedding earlier losses, and resuming a comeback that began in the first two days of the quarter.

The Dow Jones Industrial Average rose 102 points, or 0.34%, to 30418, while the S&P 500 rose 0.30% and the technology-heavy Nasdaq advanced 0.09%.

The comeback follows Tuesday’s rally when stocks jumped for a second day, with the Dow Jones Industrial Average up 825 points, or 2.8%, the S&P 500 up 3.06% and the Nasdaq up 3.34%.

Leading indicators had fallen in August and September amid severe inflation and the Fed’s determination to crush it with rate hikes.

Employment in the private sector increased by 208,000 jobs in September, and annual salary rose 7.8% year on year, according to the ADP employment report.

“We continue to see steady job gains,” ADP chief economist Nella Richardson said in a statement. “While those at work saw wage increases, annual wage growth for job-changers fell in September from August.”

โ€œThe increase in hiring is a rebound from August, but it remains well below the average over the past year,โ€ said Peter Essely, head of portfolio management at Commonwealth Financial Network.

“In combination with the rollover in yesterday’s Jolts job numbers indicating a slowdown in hiring, today’s release sheds light on a soft labor market that could lead to problems going forward for the economy,” Essele said. “As a result, investors should be wary of trying to capitalize on recent gains in the stock market, which is a potential scenario for picking pennies against a steamroller.”

The yield on the two-year Treasury bill rose 4.15%, while the yield on the 10-year Treasury rose to 3.757%.

Goldman Sachs stock (p) and Morgan Stanley (Ms) Both were falling after Atlantic Equities downgraded both banks.

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Analyst John Hegerty cited declining investment banking and stock markets and concern that trading estimates “remain very optimistic” as reasons for the credit rating downgrade.

Elon Musk, billionaire CEO of electric car maker Tesla (TSLA) Putting an offer to the micro-blogging site Twitter (TWTR) — $54.20 a share, or $44 billion — back on the table, according to a regulatory filing, TheStreet’s Luke Olinga reports.

Musk had made the Twitter offer on April 25, but withdrew it on July 8, saying the company had lied to him about the number of fake accounts on the platform.

Twitter sued, asking a Delaware Chancery court to compel Musk to fulfill his obligation. A five-day trial was supposed to begin on October 17

Musk’s offer is conditional on Twitter dropping the lawsuit. Twitter shares closed Tuesday at $52, 4% below Musk’s bid price, and fell 1.7% to $51.44 at the last pick, while Tesla’s price was down 3.4% to $240.82.

How to monetize Twitter will be one of Musk’s most complicated efforts if and when he closes the deal.

Separately, Tesla said it will only use the cameras in the driver assistance functions of its electric vehicles, and remove ultrasonic sensors from vehicles.

Elecktrek reported that Tesla’s driver assistance system originally included eight cameras, a front-facing radar, and several ultrasonic sensors throughout its vehicles.

Reuters reported that OPEC+ agreed on the deepest oil production cuts since the outbreak of the Covid 2020 pandemic at its Vienna meeting on Wednesday, curbing supplies in an already tight market despite pressure from the United States and others to pump more.

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OPEC +, which includes Saudi Arabia and Russia, agreed to increase production by two million barrels per day.

The cut in an already tight oil market could drive up oil prices, which in three months have fallen 25% to about $90 from $120. This decline came on the back of fears that the global economy may fall into recession. Reuters reported that interest rate increases from the Federal Reserve and the dollar are stronger.

โ€œDespite reports that the Biden administration sought to dissuade Saudi Arabia โ€” the de facto head of OPEC โ€” from cutting production, OPEC announced a two million barrel per day oil production cut,โ€ said Quincy Crosby, chief global strategist at LBL Financial. . . “This is less than the market expected, and it is possible that the negotiations will have an impact on the final amount.”

Crosby said it is not certain that all OPEC+ members have enough oil supplies to cut production.

“However, an average cut of 2 million barrels per day should raise gasoline prices, but not at a pace that brings prices back to $5 a gallon, which has led the Biden administration to drain supplies of strategic petroleum,” he said. Spare.”

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