Stocks slightly lower to end the month, but still wrapping August with gains overall

Market ended lower as stocks dropped after the monthly report from the Conference Board was released, showing that the consumer confidence dropped lower than expected while the delta variant was running amok.
CENTRAL, Hong Kong - Sept. 27, 2021 - PRLog -- The S&P 500 was pulled down from record levels due to this report, but still, all the major indexes still eked out overall gains for the month of August, adding another month to their streak. S&P 500 hit its 7th monthly gains in August, with an increase of 3% for the month and a total year to date increase of higher than 20%.

Major stocks ending price for today:
  • The Dow Jones Industrial Average dropped to 35,359.28 after losing 40.56 points or 0.11%.
  • The S&P 500 Index moved lower by 6.19 points or 0.14% and closed at 4,522.60.
  • NASDAQ Composite Index decreased to 15,259.24 after slumping by 0.04% or 6.65 points.
NASDAQ also jumped in August logging an increase of 4% as investors and traders switch back to technology and growth stocks. The Dow, while it posted a monthly gain of more than 1%, was heavily impacted by the resurgence of the coronavirus variants, causing the index to lag behind.

Equity traders are also celebrating over the fact that the Federal Reserve is taking the more cautious approach when it comes to the tapering of the highly accommodating asset purchase program. Analysts even suggest that the S&P 500 may hit 4,800 by the end of the year, with the economic backdrop improved, driving more profit and growth for companies.

The Jackson Hole symposium last week managed to share a glimpse of the plans of the central bank about the tapering. More data is needed before they take on the next step, but at least, the market can still stabilize and grow further before it happens.

S&P 500 was led by a mix between growth and cyclical stocks for August. The greatest leader would be the financial sector with an increase of 5% for the month, followed by the utilities and communication services sectors. The energy sector, on the other hand, was the reason why S&P cut off the winning streak it had in August, with the sector lagging behind big time.

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