The Dow rose for a third straight day while the Nasdaq fell. With major banks' earnings and inflation data due this week, investors are assessing the outlook. The bond market was closed for Columbus Day, while oil rose and major stocks also drew attention.
In the New York stock market, the Dow rose for a third straight session, closing at 51850.55, up 195.60, or 0.38%, from the previous day. The Nasdaq, meanwhile, closed at 27245.90, down 120.27, or 0.44%, as selling pressure on rebounds in IT and technology stocks remained persistent. Bond-market signals were unavailable because of the Columbus Day closure, while oil continued to rise.
Investors want to assess earnings from major banks and inflation indicators due to become more prominent this week and from September onward, focusing more on management comments and cost responses than on the earnings figures themselves. The performance of IT and technology stocks is also expected to be a major market focus.