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.
Major stocks ending price for today:
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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