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U.S. stocks fell Thursday, as traders weighed sharp swings in stocks and rates to start the month.
The Dow Jones Industrials were trounced 346.93 points to conclude Thursday at 29,926.94.
The S&P 500 plummeted 38.76 points, or 1%, to 3,744.52.
The NASDAQ Composite faded 75.33 points to 11,073.31.
Still, all major averages are on pace to end the week more than 4% higher for their best week since June 24.
Energy was the best performing sector, gaining 1.8%. Utilities lagged, falling 3.3%.
Goldman Sachs views Meta Platforms as a key digital advertising stock heading into earnings season and sees a promising opportunity for the stock at its current price.
With a $200 price target on the stock, Goldman expects shares to rally as much as 44% from Monday’s close price.
Economically speaking, weekly jobless claims rose more than expected last week, the U.S. Labor Department reported Thursday.
Initial filings for unemployment benefits totaled 219,000 for the week ended Oct. 1, up 29,000 from the week before and higher than the 203,000 estimate. The downwardly revised 190,000 from the previous week was the lowest level since April 23.
Treasury prices stumbled, lifting yields to 3.82% from Wednesday’s 3.75%. Treasury prices and yields move in opposite direction.
Oil prices surged $1.26 to $89.02 U.S. a barrel.
Gold prices recouped $1.90 to $1,722.70 U.S. an ounce.
