Dow, S&P snap five-day losing streak

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The Dow and the S&P snapped a five-day losing streak on Monday, rebounding from last week’s sell-off, which was the worst week for the broader market in months.

Blue chips led the pack on the way up. The Dow jumped 261 points. The S&P 500 turned around late in the session to finish up by 10 points. But the Nasdaq was left behind, falling 9 points.

Volatility in September is to be expected, says Spartan Capital Chief Market Economist Peter Cardillo.

“I think it’s just seasonal factors, you know, we all know September is a murky month for equities at least, for the markets in general. There’s always a lack of volume and you can see what’s happening with the volume. So I think it’s just traditionally fulfilling its course. Is it a real negative sign? I don’t think so.”

In other business headlines:

The Hollywood box office is showing more signs of life.Marvel’s “Shang-Chi and the Legend of the Ten Rings” topped the weekend box office again. The Disney flick has taken in $257 million in ticket sales in just two weeks, catapulting it to the fourth-highest grossing film this year and it hasn’t even opened in the large Chinese market yet. Shares of Disney were higher for the day. Theater stocks, however, were a crowd pleaser. AMC gained 3 percent. IMAX was up more than 8 percent. Cinemark rallied 8.6 percent.

Meanwhile, Nike could be hurt by production delays and supply chain disruptions during the upcoming crucial holiday shopping season. There are concerns it will face more factory closures in Vietnam, a key manufacturing hub for Nike, due to the health crisis. Analysts at BTIG say shut-downs have worsened since Nike gave an update in June. Shares of the world’s largest athletic gear maker fell 2-1/2 percent.