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Market wavers on road to recovery

by Kent Covington & Kiley Crossland
Posted 10/17/18, 02:43 pm

U.S. stocks are tentatively recovering from a dip last week. The markets rocketed to their biggest gain in six months Tuesday following a six-day losing streak but seesawed throughout the day Wednesday. Good news on the U.S. economy fueled Tuesday’s rebound. The U.S. Department of Labor said employers posted the most jobs in two decades in August, while hiring continued to increase. Unemployment continued a steady drop. Strong earnings from healthcare and tech companies also helped. Reports from Morgan Stanley, Johnson & Johnson, and health insurer UnitedHealth indicated that company profits were bolstered both by government tax cuts and the overall strength of the economy. But homebuilders sank Wednesday after the Commerce Department said construction of new homes dropped in September amid rising mortgage rates, and retailers, including Target and Macy’s, took a sharp drop. IBM also tumbled after it announced disappointing quarterly revenue.

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Kiley Crossland

Kiley reports on marriage, family, and sexuality for WORLD Digital. Follow Kiley on Twitter @KileyCrossland.

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