Day Traders Diary

8/30/24

The major averages ended on a high note with the Dow Jones Industrial Average posting a fresh record high ending the most volatile month so far in 2024.  The Dow jumped 228 points, or 0.55%, to close at 41,563. The S&P 500 rose 56 points or 1% while the tech-heavy Nasdaq Composite rose 197 points or 1.13% to end at 17,713.

To start the month, the major averages suffered a steep sell-off at the start of the month, with the S&P 500 losing as much as 7.3% before recovering. The Dow and Nasdaq were down as much as 5.4% and 10.7%, respectively, at their lows this month.

To end the month of August, the S&P 500 posted a 2.3% gain while the Dow climbed nearly 1.8%. The Nasdaq Composite rose 0.7%. The S&P 500 notched its fourth straight winning month. Consumer staples, real estate and health care sectors helped lift the broad market index in August.

Bonds were quiet today as personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 0.2% on a monthly basis in July and 2.5% from a year ago. The result was in line with estimates from economists polled by Dow Jones.