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Markets Lose Momentum After Best Week Since July

Tech stocks rose; health stocks were down
By Newser Editors and Wire Services
Posted Oct 18, 2021 3:46 PM CDT
Markets Lose Momentum After Best Week Since July
A statue of Harambe, the gorilla from the Cincinnati Zoo, is unloaded near Arturo Di Modica's "Charging Bull" in New York's Financial District, Monday, Oct. 18, 2021.   (AP Photo/Richard Drew)

(Newser) – Stocks wobbled to a mixed finish on Wall Street Monday as the market’s momentum slowed down following its best week since July. The S&P 500 index rose 0.3% but the Dow Jones Industrial Average fell 0.1%. Gains in several big technology companies helped push the Nasdaq up 0.8%. Health care stocks ended broadly lower and energy prices ended mixed, the AP reports. More stocks fell than rose in the S&P 500 index. The yield on the 10-year Treasury note rose to 1.58%. The S&P 500 rose 15.09 points to 4,486.46. The Dow Jones Industrial Average fell 36.15 points to 35,258.61. The Nasdaq rose 124.47 points to 15,021.81.

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Technology stocks and companies that rely on direct consumer spending made broad gains, but were tempered by losses from health care and other companies. Chipmaker Nvidia rose 1.8% and Target rose 3.2%. Medical device company Medtronic fell 5.4%. Energy stocks managed gains as US crude oil prices bounced from small gains to losses. Prices have soared nearly 70% so far this year. Occidental Petroleum rose 4%. A mix of retailers and other companies that rely on consumer spending also rose. Investors are in for another busy week of earnings reports from companies including Johnson & Johnson, Netflix, and United Airlines.

The broader market has been choppy for weeks as investors try to figure out the economy's path ahead as COVID-19 remains a lingering threat, while businesses and consumers face rising inflation. The S&P 500 rose 1.8% last week for its best week since July, though it shed 2.2% just two weeks prior. The S&P 500 is still within roughly 1.2% of its all-time high set on Sept. 2, even with the swings within the broader market. Much of the churn is due to different sectors, such as technology stocks, shifting from leading gains to leading losses on any given day. (Read more stock market stories.)

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