“Hanging In There” – Vista Partners Daily Market Recap 10/19/2018
While U.S. stocks rallied early, the only index that was able to continue the momentum through the end of the day was the Dow, due largely to impressive gains by Procter & Gamble (PG). The S&P 500 closed down 0.04% (1.00 points) while the Nasdaq sunk 0.48% (36.11 points). The Dow was able to stay afloat, posting gains of 0.26% (64.89 points).
Procter & Gamble (PG) stole the show today, rising 8% on the reports of its strongest sales growth in five years. Other components of the Dow didn’t fare as well. Caterpillar (CAT) reported losses again totaling 2.68% while shares of Intel (INTC) decreased 2.16%. Atossa Genetics (ATOS) had a rough day, falling 5.66%.
While much of the blame on recent market volatility has been placed on tightening monetary policy, some analysts such as Goldman Sachs’ Charles Himmelberg believes the recent concerns outweigh the actual evidence. According to Himmelberg, “The market’s recent macro concerns seem overdone.” I guess we will see….
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