Close Update: Major Stock Market Indexes Swoon Ending Week Deep Underwater
Stocks closed sharply lower, ending the shortened trading week on a sour note as the Dow Jones Industrial Average and S&P 500 posted a three-session losing streak.
The Dow and S&P 500 each fell more than 2% on Friday as concerns over the outcome of trade talks between China and the US set in and helped push the market lower. The Nasdaq Composite Index suffered steeper losses, tumbling 3%, weighed down by declines in technology giants such as Microsoft ( MSFT ), Apple ( AAPL ) and Alphabet ( GOOG ).
The Dow is now down 1.3% for the year, while the S&P 500 is posting a 1.5% loss. The Nasdaq is up 0.9%. For the week, the Dow fell 4.5%, the S&P 500 slumped 4.6%, while the Nasdaq tumbled 4.9%.
Stocks spent a brief time early in the session in the green, buoyed in part by a below-consensus increase in nonfarm payrolls and a small gain in wages for November, leading to expectations that the Federal Reserve won’t be aggressive in raising interest rates.
Investors have been concerned about the future of the trade talks between the US and China in the wake of the arrest of the finance chief for Chinese tech giant Huawei in Canada.
Dow Jones Industrial Average was down 558.72 points (-2.24%)
S&P 500 was down 62.87 points (-2.33%)
Nasdaq Composite Index was down 219 points (-3.05%)
FTSE 100 was up 74.06 points (+1.10%) to 6,778.11
Hang Seng Index was up down 92.62 points (-0.35%) to 26,063.76
Shanghai China Composite Index was up less than a point (+0.03%) to 2,605.89
(+) CRON (+21.72%) Altria ( MO ) making $1.8bln investment for 45% stake
(+) DOMO (+30.52%) Posted narrower Q3 loss vs estimates, beats on revenue, guides Q4, FY19 above street view
(+) AOBC (+15.40%) Reported better-than-expected Q2 EPS and revenue
(-) JP (-33.66%) Reported 30% drop in Q3 revenue
(-) BIG (-23.08%) Reported wider Q3 loss, cut EPS guidance
(-) UNFI (-24.58%) Q1 EPS misses estimates
(-) FMS (-9.07%) Expects FY19 profit to stagnate, plans to reset 2020 targets
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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