The week leaded strong, however grew bumpy after Thursday ended a three day streak of higher trading stocks. The previous three months showed a fall in stocks in general, with the fall in the beginning of October, where the DJIA lost over 900 points from Oct. 10 to Oct. 11.
Monday’s stocks were expected to show another fall in stocks for the week, the DJIA fell 4.6%, the Standard and Poor 500 (S&P 500) at -3.9% and the Nasdaq Composite (NASDAQ) closing with -3.9%.
Tuesday saw a growth on the trade floor, though growth was minute and kept the trade giants in the negative digits. NASDAQ plateaued with a -3.4. While DJIA and the S&P 500 both grew around 0.03%.
Wednesday cleared up worries with the Dow Jones from the September drop, when the Dow climbed 617.7 points in one day.
The rise for the day is attributed to Federal Reserve Chairman, Jerome Powell’s meeting with the Economic Club of New York, where he said “Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy”
After his comment, DJIA grew 2.5% and the Standard and Poor 500 (S&P 500) grew 2.3%.
The next morning, stocks started the day shaky, trading lower on Wall Street. DJIA saw a slight decrease throughout the entire day, trading lower than their previous 600 point day.
Thursday also endured many reasons for stock slipping down. One of the many, was a failed evacuation in Paradise, California. According to the Los Angeles times, the evacuation notice failed to notify more than a third of the cities population.
Fridays are the final day of the week stocks are open to trade publicly, the DJIA trading higher than their previous day. At close, DJIA was .79% up with 199.62 points, another triple digit day. The S&P 500 also closed positively with .82% and 22.41 points.
The weekend was calm, as stocks aren’t traded publicly on the weekends or on weekdays before 9a.m EST, or after 4p.m EST. The weekend raised tension between The United States and China, as the two countries talked out tariff agreements.
Sunday evening, United States President, Donald Trump, announced on twitter that China and the U.S had reached agreements on imports in cars. He said, “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.”
The agreement on the import tariff is now 40% from 25%, meaning cars made in the United States being imported to China would now have a 40% tariff on Chinese buyers. Trump and Chinese President Xi Jinping previously agreed in July to cut tariffs from 15% to 25% in July.
Other related topics to the change in stocks this week were the death of former President, George W. Bush, and wildfires causing evacuations, specifically the failed evacuation in Paradise
Trading on Wall Street is open every week day from 9 am to 4 pm EST.