U.S. stocks closed mixed amid data, earnings

12 August, 2018, 14:59 | Author: Regina Silva
  • Traders work on the floor of the NYSE in New York

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26.

The benchmark Dow Jones Industrial Average and broader S&P 500 finished the week at a loss while the tech-heavy Nasdaq posted a slender gain.

The S&P 500 index slipped after coming within spitting distance of a record high following a four-day rise.

Aug 8 (Reuters) - U.S. stocks were slightly lower on Wednesday as a steep fall in crude oil prices hit energy shares, more than offseting gains in technology and bank stocks.

That was a drop of 0.7 percent from Thursday's close.

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.

The Russell 2000 is up 155.38 points, or 10.1 per cent.

Investors fled to safe-haven assets, with the dollar rising to a 13-month high and US bond yields slipping to a three-week low.

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"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

Microchip's shares fell 10.5 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue.

The Dow Jones Industrial Average .DJI fell 74.52 points, or 0.29 percent, to 25,509.23, the S&P 500 .SPX lost 4.12 points, or 0.14 percent, to 2,853.58 and the Nasdaq Composite .IXIC added 3.46 points, or 0.04 percent, to 7,891.78.

Data on Friday showed US consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

The Nasdaq is up 79.77 points, or 1 per cent.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq.

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