Stocks end mixed on Wall Street, S&P 500 manages weekly gain
By DAMIAN J. TROISE and ALEX VEIGA
Stocks ended a wobbly day with mixed results on Wall Street Friday as the market cooled off following a two-day rally. The S&P 500 edged up 0.1% and ended the week higher, breaking a two-week losing streak. The Dow Jones Industrial Average also rose about 0.1% but the Nasdaq composite and a measure of small-company stocks closed lower. Nike slumped 6.3% after saying supply chain issues could hurt its revenue. The yield on the 10-year Treasury note rose to 1.46%, having risen from 1.31% on Monday. Energy prices rose again and ended the week higher.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks are wavering between small gains and losses on Wall Street Friday, and are still barely higher for the week.
The weak showing follows a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how the economy will continue its recovery.
The S&P 500 was down less than 0.1% as of 2:28 p.m. Eastern. The Dow Jones Industrial Average fell 11 points, or less than 0.1%, to 34,753, and the Nasdaq fell 0.3%.
Slightly more stocks in the S&P 500 rose than fell. Weakness in technology stocks and health care companies was offsetting gains by banks and industrial companies. The index is holding on to a 0.3% gain for the week. Closing with a gain would break a two-week losing streak.
Energy prices were broadly higher. The price of benchmark U.S. crude oil was 1% higher and has was up 3% for the week. The trend helped push up energy stocks. Cabot Oil & Gas rose 2.8%.
European markets were lower and Asian markets closed mostly lower.
Bond yields continued to head higher. The yield on the 10-year Treasury rose to 1.46% from 1.41% late Thursday. The yield, which influences interest rates on mortgages and other consumer loans, was at 1.31% late Monday.
Nike was the latest company to warn investors about supply chain problems hurting revenue. Its stock slumped 6.2% for the biggest drop in the S&P 500. A wide range of industries face supply chain issues and that has investors worried about rising costs for businesses and consumers. Analysts have warned that the upcoming round of corporate earnings could be crimped because of those issues.
Worries over troubled Chinese real estate developer Evergrande are also weighing on sentiment. Some Chinese banks on Friday disclosed what they are owed by Evergrande, seeking to dispel fears of financial turmoil as it struggles under $310 billion in debt. Evergrande has said it negotiated details of an interest payment due Thursday to banks and other bondholders in China but gave no details. The company has yet to say whether it will make an $83.5 million payment that was due Thursday on a bond abroad.
Markets in Europe fell and markets in Asia were mostly lower, though Japan’s Nikkei 225 rose 2.1%.
Cryptocurrencies fell after China’s central bank declared all transactions involving virtual currencies illegal as it stepped up a campaign to block use of unofficial digital money. Bitcoin fell 5.4% to $42,216.30, according to Coindesk. Chipmaker Nvidia, which makes processors needed in crypto-mining, fell 2.2%.
Read more: https://mcc.exchange/2021/09/24/stocks-end-mixed-on-wall-street-sp-500-manages-weekly-gain/
Text source: MCC.EXCHANGE
