Home News Finance News Wall Street indexes rose modestly on Friday, but ended another week into...

Wall Street indexes rose modestly on Friday, but ended another week into the red

Wall Street

Share This On Social

Wall Street’s major stock indexes edged higher on Friday after falling in the previous session, as hopeful comments from US President Donald Trump regarding trade relations with China assuaged concerns among some investors.

Trump said late on Thursday that he saw a resolution to the trade war with China “happening fast”. He added that Chinese telecom equipment company Huawei Technologies Co Ltd, which the White House has blacklisted, could also be included in a trade deal.

The main indexes capped a volatile week with modest gains in today’s stock market, with the Dow Jones industrials and small caps taking the lead. The blue-chip index Dow Jones Industrial Average rose by 95.22 points, or 0.37%, to 25,585.69 points, while the S&P 500 gained 3.82 points, or 0.14%, to 2,826.06 points and the technology Nasdaq Composite added 8.73 points, or 0.11%, to 7,637.01 points. Stocks rose broadly, with nine of the S&P 500’s major sectors moving higher, though declines in shares of Apple Inc and Alphabet Inc capped gains on the major indexes.

dow jones

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 6.32% to 15.85.

The index Dow Jones fell by 0.7% this week, marking the fifth consecutive weekly decline, the longest 2011 series. The S&P 500 and Nasdaq Composite dropped in the third week in a row, their longest fall December 2018.

The US stock exchanges have been powerless lately. For the second week, the Dow Jones index failed to overcome the 26,000-point hurdle. Uncertainty about global trade has certainly played a major role, and perhaps the US economy is also a bit overwhelmed.

Meanwhile, the analysts are assessing the news on durable goods orders (designed to last at least three years, such as cars and appliances). They fell 2.1% from the previous month to 248.4 billion USD in April, according to the Ministry of Commerce.

The yields on 2-year Treasuries fell to 2.16%, while 5-year bonds declined to 2.12%. The 10-year bonds with a tendency to retention remain with a yield of 2.32%.

Corporate stocks performance

The stocks of Foot Locker collapsed by 16.5%. The footwear chain has failed to meet analysts’ expectations for the quarter. Analysts criticized the reduced profit target for this year, which might have a negative impact on the company’s recent share buyback campaigns that have not met expectations.

The shares of Boeing rose by 1.3%. According to informed sources, the US Federal Aviation Administration (FAA) believes that the 737 Max flight ban could be lifted by the end of June. Since the end of March, the shares of the company collapsed by almost 15%. In this way, Boeing lost about 40 billion USD in market value.

Within blue-chip index Dow Jones, the stocks of Dow Inc and JPMorgan Chase performed strong, adding 1% each.

Among the small-cap companies, the shares of the Workhorse Group rose by over 11%. US President Trump praised the sale of a factory at GM’s General Motors (GM) in Ohio to Workhorse Group Incorporated.

The stocks of the software maker Intuit rose by 6.7%, putting it at the top of the Nasdaq 100. The company’s profit for the current year surpassed most analysts’ forecasts.

The shares of Cloud Services Workday also rose by 2.7%.

Shares in Total System Services Inc rose to all-time highs, adding 13.88%.

The top performers on the S&P 500 were Total System Services Inc (+13.88%), Intuit Inc (+6.70%) and CenturyLink Inc (+4.66%) , while on the flip side were Foot Locker Inc (-15.96%), Autodesk Inc (-4.91%) and Baker Hughes A Ge Company LLC (-3.69%).