Market Snapshot: Dow Jones jumps over 350 points as investors await this week’s Fed decision

by | Oct 30, 2023 | Stock Market

U.S. stocks saw sharp gains Monday, with indexes bouncing after the S&P 500 and Nasdaq Composite fell into corrections last week as investors looked ahead to a Federal Reserve decision, jobs data, earnings reports and other potential market-moving events.What’s happening
The Dow Jones Industrial Average
rose 560 points, or 1.7%, to 32,978.

The S&P 500
was up 54 points, or 1.3%, at 4,171.

The Nasdaq Composite
traded at 12,800, up 157 points, or 1.2%.

The Dow fell 2.1% last week, with Friday’s close marking the index’s lowest point since March 28. The S&P 500 suffered a 2.5% weekly drop to close the week at its lowest since May 24. The Nasdaq Composite declined 2.6% last week.

What’s driving markets Stock buyers returned after the S&P 500 on Friday joined the Nasdaq Composite in correction territory having shed more than 10% from its recent high at the end of July to close at its lowest since May. See: S&P 500 index enters a correction. Here’s what it means for future performance. Relief that the Israel-Hamas war had not drawn in other combatants in the region over the weekend was helping sentiment, according to analysts. Oil futures fell sharply Monday, with the U.S. benchmark down 3.2% to trade at $82.80 a barrel, largely erasing gains seen since the Oct. 7 Hamas attack on southern Israel. “Despite the terrible events in Israel and Gaza, oil prices have generally been well behaved and, with global growth looking sluggish, should stay that way, barring a broadening of the Middle East conflict,” David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note. “Meanwhile, gasoline prices have drifted lower as refiner margins have eased, suggesting that energy inflation should be negative fo …

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