Saturday, September 18, 2021

S&P 500 edges down on virus woes, slowing US economy

On Wall Street, the S&P 500 Index closed slightly lower on Monday after erasing early gains as worries about the Delta variant of the coronavirus and a slowing US economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season.

Data earlier in the day showed that although US manufacturing grew in July, its pace slowed for a second straight month as the ISM’s index of national factory activity fell to 59.5 in July, the lowest reading since January, from 60.6 in June.

So, the Dow Jones Industrial Average fell 97 points, or 0.3 percent, to end at 34,838. The S&P 500 lost 8 points, to close at 4,387. But the Nasdaq Composite gained 8 points, to 14,681.

Federal Reserve Governor Christopher Waller said on CNBC that the Fed could start to reduce its support for the economy by October if the next two monthly jobs reports show employment rising by 800,000 to 1 million, as he expects.

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