Dow briefly trades positive for 2020 as markets close flat

Aug. 27 — U.S. markets ended the day mostly flat and the Dow Jones Industrial Average briefly moved into positive territory for the year in a rollercoaster day of trading on Thursday.

The Dow climbed 160.35 points, or 0.57%, and traded positive for 2020 earlier in the day, rising 245 points, or 0.9%. Meanwhile, the S&P 500 ended the day up 0.17% to 3,484.55 after briefly rising above 3,500 for the first time, while the Nasdaq Composite fell 0.34%.

Stocks traded higher early in the day after Federal Reserve Chairman Jerome Powell revised the Fed’s approach to its economic strategy allowing inflation to rise “moderately” higher than its longtime target rate of 2% in order to balance out long periods of sub-2% levels.

Bank stocks rose in response to the news on Wednesday as JPMorgan Chase stock gained 3.30%, Wells Fargo increased 2.25%, Bank of America climbed 1.96 percent and Citigroup rose 1.71%.

Tech shares, however, dragged the markets down as Netflix dropped 3.88%, Facebook fell 3.52%, Amazon declined 1.22%, Apple dropped 1.2% and Google’s parent company, Alphabet closed down 0.95%.

Markets also responded to a report from the Labor Department that more than 1 million Americans filed new claims for unemployment benefits.

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Source: UPI

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