US Market Indexes Close With Losses on Friday

Marcus Newton
August 13, 2018

Entering Thursday's session, the S&P 500 was just half a percent away from reaching 2872.87, a record high set on January 26.

The Nasdaq Composite Index increased 4.66 points, or 0.06 per cent, to 7,888.33. 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.

Stocks traded little changed on Thursday as the S&P 500 was within striking distance of reaching an all-time high.

Walt Disney fell 1.6 percent after its quarterly profit missed estimates as new technology costs rose.

The S&P 500 lost 7.07 points, or 0.2 per cent.

The S&P 500 index fell 4.12 points, or 0.1 per cent, to 2,853.58.

Shares of Apple rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent.

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The latest data pointed to strength in the labour market, underscoring the health of the United States economy despite ongoing trade tensions.

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market counter ongoing trade tensions.

The S&P 500 posted 26 new 52-week highs and three new lows; the Nasdaq Composite recorded 97 new highs and 68 new lows. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

Rite Aid fell 9.5 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos agreed to terminate their merger agreement.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

Other reports by MaliBehiribAe

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