Stocks Fall Slightly to Start the Final Trading Day of February

Tiger Newspress2023-02-28

Stocks fell on Tuesday as investors braced for the final trading day of February.

The Dow Jones Industrial Average rose 15 points, or 0.05%, while the S&P 500 hovered below the flat line and the Nasdaq Composite slipped by 0.1%.

The moves followed a positive session for the major averages as Treasury yields eased. TheDow Jones Industrialaverage rose 72.17 points or 0.22%, while theS&P 500andNasdaq Compositegained 0.31% and 0.63%, respectively.

Tuesday marks thelast day of February. Despite a solid start to the year, the major indexes are on pace for their second negative month in three. As of Monday’s close, the Dow is down 3.5% for the month and the only major index negative for the year. Both the S&P 500 and Nasdaq are positive in 2023, but down 2.3% and 1%, respectively, in February.

February “will go down in history as the month where the market pulled back to digest a very strong rally you saw at the end of December into most of January,” said Adam Sarhan, CEO of 50 Park Investments. “This is a pullback month, it’s a rest month, and that’s good as long as support is defended and support holds, which is last week’s low.”

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    2023-03-01
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    2023-02-28
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