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Stock Market Losses Keep Mounting; Drugmaker Pops On Upgrade

by WorldFinance
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The major stock market indexes added to Wednesday’s bad vibes and are trading lower on Thursday afternoon, close to lows for the day. The market is still reeling from Fed Chair Jerome Powell’s comments, which have intensified fears of a recession.

The Nasdaq fell 1.5%. The S&P 500 lost 0.8%. The Dow Jones Industrial Average dropped 0.4%. Small caps fared worse, with the Russell 2000 index sinking 2.4%.

The Dow Jones is holding above the psychological 30,000 level, while the Nasdaq composite remains above the 11,000 level.

Stock Market Adds To Losses In Heavy Volume

Volume on the NYSE and the Nasdaq was sharply higher vs. the same time on Wednesday.

The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) retreated 1.4%. The yield on the 10-year U.S. Treasury note rose to 3.68%.

 

In Europe, the German DAX stock index dropped 1.8%, Paris CAC 40 lost 1.9%, and London FTSE shed 100 1.1% to close out the trading day.

Initial jobless claims for the week ended Sept. 17 came in at 213,000 vs. the 220,000 consensus, up 5,000 from the prior week’s revised number.

Crude oil ticked up 0.6% to $83.41 per barrel. The SPDR Select Energy ETF (XLE) gained 0.6%.

Bitcoin dipped 0.2% to $18,945.

Stock Market Gainers And Losers: Drugmaker Up, Data Company Drops

Drug giant Eli Lilly (LLY) popped 4.1% after UBS upgraded the stock to buy from neutral, raising the price target to $363. Mounjaro, the company’s Type 2 diabetes and weight-management drug, is driving speculative interest.

LLY stock is in a flat base with a buy point of 335.43. It is ranked second in the Medical-Diversified group, which is 93rd out of the 197 industries IBD that tracks. Lilly has earned a solid 89 Relative Strength Rating.

 

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