By Francisco Rodriguez-Castro on September 22, 2020
SAN JUAN – Stocks rebounded from Monday’s losses on better than expected economic results.
Technology stocks led the way in the overall market gain, although comments from Fed Reserve Chairman Jerome Powell slowed the increases down. Powell continues to warn investors that the economic recovery is “highly uncertain.”
Existing-home sales in August increased 2.4% compared to July, or six million units. Sales were 10.5% higher than in August last year. It took about 22 days to sell a home in August, matching the fastest on record. These figures represent the highest numbers in 13 and a half years.
On to markets.
- The Dow Jones Industrial Average closed at 27,288.18, up 140.48 points, or 0.52%.
- The Standard & Poor’s 500 Index closed at 3,315.57, up 34.51 points, or 1.05%.
- The NASDAQ Composite Index closed at 10,963.64, up 184.84 points, or 1.71%.
- The Birling Capital Puerto Rico Stock Index closed at 1,503.75, down 68.28 points, or 4.34%.
- The US Treasury 10-year note closed lower, at 0.68%.
- The US Treasury 2-year note closed flat, at 0.13%