How is the stock market doing today?

The stock market finished higher on Monday, flipping from modest morning losses following encouraging news on interest rates, which have been dragging Wall Street mainly lower since the summer.

Was the stock market closed today?

Monday is Columbus Day, which many people now observe as Indigenous Peoples’ Day. The event is not one of the 10 holidays that halt trading in 2023 on the New York Stock Exchange and NASDAQ. (If you’re keeping track, the next one is Thanksgiving.)

Dow Jones Industrial Average

The S&P 500 ended the day up 0.6%. The Dow Jones Industrial Average rose 197 points, and the Nasdaq composite added 0.4%. The indices perked higher after two officials at the Federal Reserve suggested they may not need to raise interest rates again at their next meeting at the end of this month.

Today’s oil prices

Energy markets were also open and oil prices soared over the possible spillover effects of violence in the Middle East. Hamas launched a large attack against Israel on Saturday, and while the area of fighting is not home to major oil production, experts fear the conflict could spread tpnearby nations that produce huge amounts of crude. That anxiety drove the price for a barrel of U.S. oil up 4.3% to $86.31.

Is the bond market open Columbus Day?

If you’re an investor in bonds, be aware that debt markets will be closed in observance of today’s holiday.

Columbus Day is a federal holiday, albeit a divisive one, as many Americans now regard the explorer Christopher Columbus as a colonial oppressor. Last year, the Biden Administration issued a proclamation declaring the second Monday of October Indigenous Peoples’ Day. The commemoration of Native American history and culture is now officially recognized alongside Columbus Day.

Post offices will close on Monday, along with many public schools and banks.

In the stock market, shares of defense contractors that make weapons were particularly strong on Monday. Northrop Grumman rallied 11.5%, and Lockheed Martin gained 8.3%.

On the opposite end were companies that count fuel as among their biggest expenses. American Airlines sank 4.2%, and Norwegian Cruse Line fell 2%.

Major airlines have suspended flights to Israel as the U.S. State Department issued travel advisories for the region citing the potential for terrorism and civil unrest.

The U.S. stock market broadly has been shaky since the end of July, weighed down by the pressure of much higher yields in the bond market.

With inflation still too high for policymakers’ liking, and the U.S. economy in solid shape, expectations have built on Wall Street that the Federal Reserve will keep its main interest rate high for longer than traders had hoped.

The Fed has already hiked its overnight rate to the highest level since 2001, and it indicated last month it may cut rates next year by less than earlier expected. With the Fed also continuing to shrink its trove of bond investments, the yield on the 10-year Treasury has jumped to its highest level since 2007.

Wall Street hates higher interest rates because they knock down prices for stocks and other investments. They also make it more expensive for all kinds of companies and households to borrow money, which puts the brakes on the economy.

Such a rise could lead to a hit of half a percentage point to the U.S. economy’s growth next year, according to economists at Goldman Sachs. They call it a meaningful change, but too small to cause a recession.

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How is the stock market doing today?

Was the stock market closed today?

Dow Jones Industrial Average

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