Wall Street Ekes Out Positive Finish
Muhammad Rameez Published February 25, 2017 | 08:15 AM
NEW YORK, (UrduPoint / Pakistan Point News - 25th Feb, 2017 ) - Wall Street slouched to a positive finish on Friday with all three major stock indices making last-minute moves into positive territory after spending most of the session in the red.
Though it finished essentially flat, the blue-chip Dow Jones Industrial Average also extended its streak of fresh all-time highs with an 11th consecutive record close. The Dow gained less than a tenth of a percentage point to close at 20,821.76 but was up one percent for the week on the back of an extraordinary rally.
The S&P 500 and Nasdaq each added 0.2 percent, rising to 2,367.34 and 5,845.31, respectively. The Nasdaq was up 0.8 percent for the week and the S&P increased 0.7 percent. A positive finish had been in doubt for much of the day, however, with most indices in the red.
"There's a little profit taking as we had an incredible run over the last week and a half or so," Jack Ablin of BMO Private Bank told AFP.
"Without further impetus from either the economy, policy or earnings, there's probably nothing for investors to grab onto today." Leading the Dow's losers was financial behemoth Goldman Sachs, which saw its stock slapped with a "sell" rating from Germany's Berenberg investment bank, which cited the risk that earnings may disappoint in 2016 and of possible insider selling at the bank.
Shares in Goldman fell 1.5 percent but were still up nearly 40 percent since November's presidential elections. Retailers had a better Friday, with Dow component Wal-Mart Stores adding 1.5 percent and Home Depot gaining 0.9 percent.
Oil shares took a minor tumble after crude prices receded in New York on fears of mounting production and inventories. Shares in super-majors Chevron and Exxon Mobil each fell 0.8 percent to give up gains recorded Thursday.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
9 hours ago -
US stocks rebound on tech earnings, London hits new record
9 hours ago -
US approves gene therapy treatment for hemophilia
8 hours ago -
KATI president for inclusion of agri sector in tax net
8 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
10 hours ago -
Police to take every step for security of business community: IGP
10 hours ago
-
WB director, Planning minister discuss reforms in development projects
10 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
12 hours ago -
FBR’s data protection efforts commended by OECD assessment team
11 hours ago -
US stocks rebound on tech earnings, London hits new record
12 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
12 hours ago -
SBP to announce monetary policy on April 29
12 hours ago