Market Snapshot: Dow records first 3-month losing streak since March 2020 as investors await Wednesday Fed decision

by | Oct 31, 2023 | Stock Market

U.S. stocks closed higher Tuesday, though the gains were not enough to reverse a three-month losing streak, as investors prepared for major events later in the week including the latest Federal Reserve interest rate decision and the release new monthly jobs numbers. How stocks traded
The Dow Jones Industrial Average
gained 123.91 points or 0.4%, to close at 33,052.87 Tuesday. It is down 454.63 points or 1.4% this month in the third straight month of decline. The index posted its longest monthly losing streak since the three months ending March 2020.

The S&P 500
rose 26.98 points or 0.7% to end at 4,193.80 Tuesday. It is down 94.25 points or 2.2% this month, posting a three-month losing streak, its longest one since March 2020.

The Nasdaq Composite
added 61.75 points or 0.5%, to finish at 12,851.24. The index is down 368.08 points or 2.8% this month in its third straight month of decline, posting its longest losing streak since the three months ending June 2022.

What drove markets The third-quarter earnings-reporting season rumbles on and it was a rocky day for some companies.

Caterpillar Inc.
shares dropped 6.7%, a leading Dow decliner and drag on the blue-chip gauge. Even with its third-quarter profit beat, the maker of construction mining equipment had a tepid outlook for the fourth quarter. The company’s performance was a cause for broader caution, according to Steve Sosnick, chief strategist at Interactive Brokers. It’s just one company …

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