US stocks rise for third day; Nasdaq sets record as crude oil slips
In short
The Dow Jones Industrial Average rose for a third straight session on Oct. 5, closing up 90.94 points, or 0.17%, at 51,267.90, while the Nasdaq Composite hit a record close of 27,477.310. Japanese business outlets tied the gains to lower crude oil prices and strength in large technology shares, with SpaceX finishing 7.6% higher.
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U.S. stocks rose for a third straight session on Monday, Oct. 5, with the Dow Jones Industrial Average closing up 90.94 points, or 0.17%, at 51,267.90, Nikkei reported. Nishi-Nippon Shimbun, Tokyo Shimbun and Jiji Press all reported the Dow rising about 90 points on the day, citing technology shares and lower crude oil prices. [ 1 , 2 , 3 , 4 ]
The Nasdaq Composite, which is weighted toward technology stocks, rose 286.446 points, or 1.05%, to 27,477.310, a fourth straight gain and a record close that topped its Sept. 22 high, according to Nikkei. Among large technology names, Nikkei reported gains in Nvidia, Microsoft and Alphabet, with Visa and UnitedHealth Group also higher, while Merck, Salesforce and IBM fell. Meta Platforms and Tesla rose, it said. [ 2 ]
Nikkei attributed the improved sentiment in stocks to crude oil prices trading lower. WTI near-term futures fell from the $91 range at the previous close to the $89 range, it said, after the Group of Seven major economies decided at the end of the previous week to release oil reserves in coordination and as crude exports from the Middle East recovered, according to the report. Tokyo Shimbun also reported New York crude falling to the $89 range, citing increased Middle East exports as easing supply concerns. [ 2 , 3 ]
Nikkei reported that the Institute for Supply Management's September non-manufacturing index came in at 54.9, below market expectations but above the 50 level that separates expansion from contraction for a 27th consecutive month, which it said kept the resilience of the U.S. economy in view. It also said long-term interest rates were rising amid global political and fiscal uncertainty, including fiscal concerns in France and Spanish Prime Minister Sanchez's statement on Oct. 5 that he would hold a general election, with the U.S. long-term rate briefly reaching 5.34%, up 0.07% from the previous close. Higher rates led to selling in stocks and moments when the Dow fell, Nikkei said. [ 2 ]
Nikkei reported that SpaceX closed 7.6% higher, while its headline put the gain at 8%. Tokyo Shimbun carried a separate New York item reporting that the Dow had fallen back as of 9:45 a.m. New York time, before the close described in the same outlet's later headline as a third straight gain of about 90 points. [ 2 , 3 ]
Why it matters
The reports come from Japanese business outlets, so the moves in New York and in crude oil serve as the reference points for how Japanese markets and investors open the following session. U.S. long-term yields rising to 5.34% and political and fiscal uncertainty in Europe were cited by Nikkei as factors that weighed on stocks at points during the day.
Key facts
- The Dow Jones Industrial Average closed up 90.94 points, or 0.17%, at 51,267.90, a third straight gain, Nikkei reported. [ 2 ]
- Three other outlets reported the Dow rising about 90 points on the day. [ 1 , 3 , 4 ]
- The Nasdaq Composite rose 286.446 points, or 1.05%, to 27,477.310, a record close and a fourth straight gain, according to Nikkei. [ 2 ]
- WTI crude futures fell from the $91 range at the previous close to the $89 range, which Nikkei said improved investor sentiment in stocks. [ 2 , 3 ]
- Nikkei reported the ISM September non-manufacturing index came in at 54.9, below market expectations but above 50 for a 27th consecutive month. [ 2 ]
- The U.S. long-term interest rate briefly reached 5.34%, up 0.07% from the previous close, according to Nikkei. [ 2 ]
- SpaceX shares closed 7.6% higher, Nikkei reported. [ 2 ]
Confirmed by several sources
Still unclear
- Whether the Dow fell during the New York morning session. Tokyo Shimbun carried an intraday New York report saying the Dow had fallen back as of 9:45 a.m., while its own headline and the other three outlets describe a higher close.
- The exact size of SpaceX's gain. The Nikkei headline says 8% higher while the Nikkei article text says it closed 7.6% higher.
- Why SpaceX shares jumped. The documents report the move but give no explanation for it.
What local media are saying
Timeline, local time
- Nishi-Nippon Shimbun publishes a report that the New York market rose for a third day, up 90 dollars, on technology gains and lower crude oil. [ 1 ]
- Nikkei publishes closing figures: Dow at 51,267.90, Nasdaq at a record 27,477.310, WTI in the $89 range and SpaceX up 7.6%. [ 2 ]
- Tokyo Shimbun publishes its report on the third straight gain and a separate item on New York crude falling to the $89 range. [ 3 ]
- Jiji Press publishes its report that the Dow rose about 90 points for a third session and the Nasdaq set a record. [ 4 ]
- New York morning trading: a Tokyo Shimbun report at that time said the Dow had fallen back, before the close described by the other reports. [ 3 ]