Marketbites: Losing Streak Cracked
MARKET PERFORMANCE:
Portfolio Manager Commentary:
A five day losing streak was finally cracked yesterday as all three indexes finished in the green. Investors are currently trying to navigate a market with strong worries about how severe an economic downturn might be.
Moving to equities, Exxon rose after raising its buybacks. Chevron gained on a higher capital spending budget. And GameStop rose after posting earnings. Semiconductor and tech stocks also performed well with NVIDIA and Amazon adding 5% and 2%, respectively.
Chart of the Day:
The chart below highlights how much more money Americans would have earned by holding funds in a top high-yield savings account each quarter. In theory, savers could have earned $42 billion more in interest in the third quarter if they moved their money out of the five largest U.S. banks.
Source: WSJ
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