Economy

US Market Indexes Close With Losses on Friday

US Market Indexes Close With Losses on Friday

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26. The S&P financial index.SPSY was down 0.6 percent.

Rite Aid fell 10.9 percent after the drug store chain and US grocer Albertsons Cos agreed to terminate their merger agreement.

Dow components Chevron dropped 1.2 percent and Exxon 1 percent.

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

The Russell 2000 is up 151.29 points, or 9.9 per cent.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors.

Investors fled to safe-haven assets, pushing the dollar to a 13-month high and weighing on US bond yields that slipped to a three-week low.

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The S&P index recorded 4 new 52-week highs and 7 new lows, while the Nasdaq recorded 33 new highs and 45 new lows. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

The Nasdaq added 27.09 points, or 0.3 percent.

The S&P 500 is up 179.97 points, or 6.7 per cent.

The Dow Jones Industrial Average decreased 74.52 points, or 0.29 percent, to 25,509.23.

The Dow is up 790.01 points, or 3.2 per cent.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

Declining issues outnumbered advancers for a 2.34-to-1 ratio on the NYSE. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.


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