CNBC Business News Update - Market Close: Last Minute Comeback Ends September With Record Highs, Apple Rallies On iPhone 16 Demand, White House Won't Intervene In Port Strike

Episode Date: September 30, 2024

The latest in business, financial and market news and how it affects your money, reported by CNBC's Peter Schacknow.

I'm Peter Schach, now CNBC. points. The averages had taken a dip to session lows after comments by Fed Chairman Jerome Powell about future rate cuts that weren't quite as aggressive as some had hoped. But that dip was a brief one, and the averages then rallied to go positive in the last few minutes of trading. The Dow, S&P, and Nasdaq registered their first September gains since 2019. China stocks enjoyed their best day in 16 years overnight following the announcement of new stimulus measures by the Chinese government. Stephanie Ling, chief investment strategist at Hightower, says that will help some U.S. stocks as well, one example being oil companies, which she says will benefit from increased demand from China.

The energy prices are down because a lot of it is because China demand has been very soft. And so you have to keep in mind that with the big major oil companies, they mint money at $30 oil. So at $70 oil, the free cash flow is substantial. Apple was up 2.2% today after analysts at both JPMorgan and Morgan Stanley made positive comments about demand for the new iPhone 16. The White House says it will not intervene to stop a likely East and Gulf Coast port workers strike, reiterating what President Biden had said over the weekend. 45,000 workers are set to walk out shortly after midnight tonight. Peter Schach now, CNBC. Invest with an advantage with CNBC Pro. Actionable analysis of global market coverage, plus customized investing tools.

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