US close: Stocks end session sharply higher
By Iain Gilbert
Date: Tuesday 04 Oct 2022
(Sharecast News) - Wall Street stocks closed higher on Monday after major indices wrapped up the third quarter in the red.
At the close, the Dow Jones Industrial Average was up 2.66% at 29,490.89, while the S&P 500 was 2.59% firmer at 3,678.43 and the Nasdaq Composite saw out the session 2.27% stronger at 10,815.43.
The Dow closed 765.38 points higher on Monday, easily reversing losses recorded in the previous session.
After a hellish third quarter, where the Dow Jones shed 6.66%, heightened inflation and the Federal Reserve's attempts to bring surging prices to a stop, despite what it may do to the US economy, will continue to remain at the forefront of investors' minds going into Q4.
Also in focus throughout the session, OPEC+ was said to be considering an oil output cut of over 1.0m barrels per day, marking the biggest move taken by the cartel to address weakness in global demand. West Texas Intermediate futures rose 3.21% on the news to trade at $82.04 a barrel.
On the macro front, S&P Global's manufacturing PMI was revised higher in September to 52, up from a preliminary reading of 51.8 and above expectations for a print of 51.5.
Elsewhere, the Institute for Supply Management's manufacturing PMI unexpectedly fell to 50.9 in September, pointing to the slowest growth in factory activity since 2020. The reading was down from 52.8 in August and short of forecasts for a print of 52.2.
Finally, US construction spending decreased 0.70% month-on-month in August, according to the Census Bureau.
No major corporate earnings were released on Monday.
Reporting by Iain Gilbert at Sharecast.com
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