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The S&P 500 Index and Dow Jones Industrial Average started Tuesday strong only to fade later as an unexpectedly strong retail sales report triggered another bounce higher in Treasury yields and investors once again recalibrated their inflation and interest rate expectations. The Atlanta Federal Reserve added to the pressure on shares when it raised its forecast for third-quarter economic growth to 5.4% from 5.1%. Concerns over how the Fed might respond to these latest signs of economic resilience overshadowed stronger-than-expected earnings reports from companies including Goldman Sachs, Bank of America, and Johnson & Johnson. The Dow inched up 0.04%, while the S&P 500 and Nasdaq Composite shed 0.01% and 0.25%, respectively. European equity markets also had a mixed performance and closed the day almost flat as declines in telecom and construction companies were balanced by gains in consumer products and retail shares.
Summary for 18.10.2023
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