MARKET UPDATE: Stocks Finish Lower on Dismal Economic Data


NEW YORK – Stocks ended a 4-day rally that saw the S&P 500 and Down Jones reach record-high levels. Some disappointing economic data have pushed stocks lower.

The S&P 500 finished the day 0.28 percent lower at 1,588.85, and the Dow Jones ended flat at 14,865.06, while the Nasdaq finished the day 0.16 percent lower at 3,294.95.

The Basic Materials sector performed the worst in the S&P 500 on Friday, capping the day 1.66 percent lower. The Services sector was the best performer in the S&P 500, capping the day 0.24 percent higher.

The Energy sector also dipped sharply, finishing the day 1.15 percent lower. The Industrials sector capped the day 0.73 percent lower, while Conglomerates finished the day 0.71 percent lower.

Among the major movers on Friday’s trading were McDonald’s Corporation (NYSE: MCD), which finished the day 1.57 percent higher at $103.59, JP Morgan Chase & Co. (NYSE: JPM), which finished the day 0.61 percent lower at $49.00, and Wells Fargo & Co. (NYSE: WFC), which capped the day 0.80 percent lower at $37.20.

Consumer sentiment fell to a 9-month low in April, based on the preliminary reading on the Thomson Reuters/University of Michigan’s consumer sentiment index. A Labor Department report bared producer prices dipped 0.6 percent in March.

Meanwhile, European markets finished generally lower on Friday, with the FTSE 100 Index in London ending 0.49 percent lower, and the CAC 40 Index in Paris finishing 1.23 percent lower.

Markets in most of Asia likewise finished mostly lower overnight, with Japan’s Nikkei 225 Index ending 0.28 percent lower, and Hong Kong’s Hang Seng Index ending 0.06 percent lower.

Sana Khan

About Sana Khan

Born and brought up in Pakistan, Sana has settled in Baltimore. Sana came to pursue her Masters in Economics but was keen on journalism. Her talent was recognized by our editor Hazel and soon she became one of our leading reporters from the world of Economics.