The Nasdaq showed resilience as it closed higher for a fifth consecutive session on Thursday. However, despite this positive streak, the major U.S. equity indexes concluded the month of August with losses.
Mixed Results for Dow Jones and S&P 500
According to preliminary FactSet data, the Dow Jones Industrial Average (DJIA) experienced a slight downturn, shedding around 169 points or 0.5% on Thursday. The DJIA ended the day near 34,721. Meanwhile, the S&P 500 index fell 0.2%.
Nasdaq Composite Index Demonstrates Strength
In contrast, the Nasdaq Composite Index rose by 0.1%, showcasing its resilience amidst market volatility. This achievement is particularly notable as August was a challenging month for stocks overall.
August Recap: Declines Prevail
Although there was a bounce in stock performance during the final week of August, the month as a whole saw declines across the board. The Dow Jones Industrial Average experienced a 2.4% decrease, while the S&P 500 index dipped by 1.8%. Similarly, the Nasdaq Composite Index faced a 2.2% decline.
Job Market Concerns Loom
Investors eagerly await the release of the monthly jobs report scheduled for Friday. It is expected to reveal a slowdown in hiring, raising concerns about potential rate hikes by the Federal Reserve to combat inflation. However, despite these worries, the unemployment rate is anticipated to remain low at 3.5%, which is comparable to historical lows from the late 1960s.
Nasdaq's Impressive Year
While long-term rates experienced volatility throughout August, the Nasdaq Composite Index has demonstrated remarkable growth this year. With a 34.1% increase, it claims its position as the best performer during the first eight months of the year since 2003, according to Dow Jones Market Data.
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