Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Markets

News : Markets

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Dow Snaps Eight-Week Winning Streak

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/10/2017 | 10:59pm CEST
By Marina Force and Corrie Driebusch 

The Dow Jones Industrial Average slipped Friday, notching its first weekly decline since September.

Investors' concerns about the status of a U.S. tax overhaul weighed on stocks during the week, though Friday's moves were relatively muted.

The Dow industrials lost 39.73 points, or 0.2%, to 23422.21 on Friday. The S&P 500 fell 2.32 points, or 0.1%, to 2582.30 and the Nasdaq Composite rose 0.89 point, or less than 0.1%, to 6750.94.

All three indexes posted weekly declines, though the losses were relatively modest: the Dow's 0.5% drop was the biggest.

"Is this the beginning of the end? The last two days' selloff, I'm not concerned," said Kent Engelke, chief economic strategist at Capitol Securities Management. However, he said there could be more swings in the market if tax-code changes, particularly for corporations, fail to pass in the next several months.

"If we don't get it, I would be concerned about the market," he said, referring to a tax overhaul.

Solid corporate earnings have helped U.S. stocks rise this year, analysts say, even as the timing and scale of policy changes in Washington have remained uncertain.

With roughly 91% of S&P 500 companies having reported results, firms are on track to post another quarter of earnings growth, according to FactSet.

On Friday, shares of energy companies fell with oil prices, pressuring major stock indexes. The S&P 500 energy sector lost 0.8% on the day but notched a weekly gain as U.S. crude oil ended the week at $56.74 a barrel -- its fifth highest level of the year.

Consumer-staples shares jumped 1% in the S&P 500, finishing the day as the best-performing sector in the broad index.

Monster Beverage led gains in the group, rising $2.48, or 4.2%, to $61.16 after Citigroup raised its price target for the stock to $66 a share from $60.

Other food and beverage companies jumped, with Campbell Soup up 1.78, or 3.9%, to 47.42 and General Mills up 1.50, or 2.9%, to 53.28.

Write to Corrie Driebusch at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.82% 24462.94 Delayed Quote.-1.04%
NASDAQ 100 -1.58% 6667.751 Delayed Quote.5.92%
NASDAQ COMP. -1.27% 7146.1258 Delayed Quote.4.85%
S&P 500 -0.85% 2670.14 Real-time Quote.0.73%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
04/21MARKET SNAPSHOT : Stock-market Investors Are Freaking Out About The Bond Market--but Should They Be?
DJ
04/21MARKET SNAPSHOT : The Stock Market Is Freaking Out About The Bond Market--but Should It Be?
DJ
04/21MARKET SNAPSHOT : The Stock Market Is Freaking Out Up About The Bond Market--but Should It Be?
DJ
04/21MARKET SNAPSHOT : The Stock Market Is Freaking Out Up About The Bond Market--but Should It Be?
DJ
04/20U.S. yield hits four-year high; stocks fall on tech sector
RE
04/20U.S. yield hits four-year high; stocks fall on tech sector
RE
04/20U.S. yield hits four-year high; stocks fall on tech sector
RE
04/20TSX rises, led by financials and Rogers Communications
RE
04/20MARKET SNAPSHOT : Stocks End Lower But Eke Out Weekly Gains
DJ
04/20ADRs End Slightly Lower; LG, Ericsson and China Life Trade Actively
DJ
Latest news "Markets"
Advertisement