Wall Street Ends Mostly Lower In Volatile Session


Wall Street Ends Mostly Lower In volatile Session

US stocks fluctuated between gains and losses in a choppy session as stocks tried to recover from two tumultuous days spurred by weaker than expected Chinese economic growth.

The Dow Jones Industrial Average ended up 5.74 points or 0.02% higher at17.40825 points after fluctuating between gain intraday gain of 61 points and loss of 79 points.

The S&P ended 2.66 points 0.1% lower to 2,083.39 after falling by as many as 8 points and going up by up to 7 points earlier in the day.

The tech heavy Nasdaq Composite ended 10.83 points or 0.2% lower at 5,033 points.

“The market is still adjusting to the Chinese devaluation. Obviously, that’s created a lot of uncertainty, and people are not sure how this is going to play out,” Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut, told Reuters.

Economic data released earlier in the day including data on retail sales and jobless readings showed that the US economy was on healthy footing.

US retail sales rose in July while the number of fresh applications for jobless benefits fell last week suggesting that the job market was tightening.

According to the Commerce Department, US retail sales rose by 0.6% in July against then 0.7% consensus estimate. Retail sales data for May and June was also retained higher.

“If you look at the market over the past several weeks, you see a consistent trend up punctuated by occasional shocks outside of the country that pull us back down,” Brad McMillan, chief investment officer at Commonwealth Financial Network, which manages $100 billion in assets, told Market Watch.

“That’s because the fundamentals [in the U.S.] remain very solid,” McMillan said, adding that Thursday’s retail-sales and jobless-claims reports bolster the case. “We’re close to all-time lows in unemployment figures and we’re seeing retail sales growing,” McMillan said.

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com