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Dow, S & P 500 ends with a rise after a bumpy week, but Nike drags

File Photo: The front facade of the New York Stock Exchange (NYSE) will be seen on February 16, 2021 in New York, USA. REUTERS / Brendan McDermid / File Photo

September 24, 2021

Caroline Valetokevic

New York (Reuters) -The Dow and S & P 500 rose on Friday, ending a turbulent week with a slight rise, supported by Tesla and Facebook’s rise, which offset Nike’s fall.

Athleticwear company Nike’s share price fell 6.3%, making it the biggest resistance between the Dow and S & P 500. This was after condemning the supply chain crisis, announcing weak sales forecasts and warning of delays during the holiday shopping season.

The share of foot lockers for shoe retailers also plummeted.

Conversely, Facebook was up 2% and Tesla was up 2.7%. The S & P communications services sector rose 0.7%, the second largest sector acquirer after energy, up 0.8%.

Shares bounced from a sharp sale earlier in the week, partly linked to concerns about China’s Evergrande defaults and potential risks to global financial markets.

On Friday, Evergrande’s electric vehicle unit warned that it was facing an uncertain future without a quick injection of cash. This is the most obvious sign that the liquidity crisis of real estate developers is deteriorating elsewhere in the business.

Rick Meckler, a partner at Cherry Lane Investments, a family investment firm in New Vernon, NJ, said:

“Even if interest rates are so low and rise slowly, you might think that fiscal stimulus will come, but I think investors still prefer stocks to any other asset class. Stocks invest. It remains in a strange way that the house considers it a safe place. “

On Wednesday, the Federal Reserve Board announced that it would cut monthly bond purchases “immediately” and predicted that half of the Fed’s policy makers would need to raise borrowing costs in 2022.

The Dow Jones Industrial Average rose 33.18 points (0.1%) to 34,798, the S & P 500 rose 6.5 points (0.15%) to 4,455.48, and the Nasdaq Composite Index fell 4.55 points (0.03%) to 15,047.70. became.

Over the week, the Dow rose 0.6%, the S & P 500 rose 0.5%, and the Nasdaq was almost flat.

Cryptocurrency companies Coinbase Global, MicroStrategy Inc, Riot Blockchain and Marathon Patent Group’s shares fell after the Chinese central bank banned crypto trading and mining.

“It was a very volatile week to say the least, so I think it’s likely that volatility will continue into the last week of September, especially with window dressings at the end of the quarter,” said Chief Market Economist. Said Peter Cardillo. Spartan Capital Securities in New York.

Investors are also looking for signs of progress in President Joe Biden’s spending and budget proposals.

The diminishing problems outweigh the ongoing problems on the New York Stock Exchange at a ratio of 1.50: 1. On the Nasdaq, a 1.40 to 1 ratio favored the fallen.

The S & P 500 posted 21 new 52-week highs and 6 new lows. The Nasdaq Composite recorded a new high of 82 and a new low of 73.

Volume on the US exchange was 9 billion shares, compared to an average of 10.11 billion shares for all sessions over the last 20 trading days.

(Report by Caroline Valetkevitch, Additional Report by Devik Jain in Bangalore, Edited by Maju Samuel and David Gregorio)



Dow, S & P 500 ends with a rise after a bumpy week, but Nike drags

Source link Dow, S & P 500 ends with a rise after a bumpy week, but Nike drags

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