US close: Wall Street finishes on mixed note
Wall Street finished the week on a mixed note despite better than expected economic data, with the benchmark S&P 500 finishing just below a key level of short-term technical resistance at 1,950 points.
The Dow Jones Industrial Average slipped 0.34% to 16,639.97, the Nasdaq Composite climbed 0.18% to 4,590.47 and the S&P 500 edged lower by 0.19% to 1,948.
West Texas Intermediate crude oil futures slipped 26 cents to end at $32.78 on the NYMEX.
The Commerce Department’s second estimate of US gross domestic product growth for the fourth quarter was revised to an annualised 1% from an initial 0.7%, surprising analysts who had expected a 0.4% increase.
Data out later in the day showed personal incomes jumped by 0.5% month-on-month in Jnauary (consensus: 0.5%), together with upwards revisions to data for the previous month.
“Financial markets were expecting a slowdown in the world’s largest economy, so much so that conversations about a recession weren’t far away," said Dennis de Jong, managing director at UFX.com.
“Yet, with unemployment remaining low and wages increasing at their fastest rate since 2009, growth is back on the agenda. Add to that cheap fuel prices and low mortgage rates, and it may only be a matter of time until disposable incomes are fully realised and growth continues to speed up.”
Elsewhere, China’s central bank hinted at further stimulus measures to boost the flagging economy. People’s Bank of China Governor Zhou Xiaochuan said there were more tools in the central bank’s policy to help turnaround the slowdown.
“While the reform direction is clear, managing the reform pace will need windows (of opportunity) and conditions...The pace will vary, but the reform will be set to continue and the direction is not changed,” Zhou said at a conference held by the Institute of International Finance in Shanghai in conjunction with a G20 meeting of central bank governors and finance ministers.
The news saw Asian equity markets close mostly higher on Friday.
In company news, shares in JC Penney surged after it reported fourth quarter earnings that were better than expected as well as an upbeat profit forecast.
Gap slumped as its full year adjusted profit guidance fell short of analysts’ estimates.
Foot Locker dropped despite fourth quarter results that came in above expectations.
From a sector standpoint the worst performers were: Water (-4.27%), Multiutilities (-3.15) and Gas&Water (-2.75%).
S&P 500 - Risers
Genworth Financial Inc. (GNW) $2.18 +10.66%
Rowan Companies plc (RDC) $12.80 +9.97%
Marathon Oil Corp. (MRO) $8.03 +8.66%
ONEOK Inc. (OKE) $23.01 +7.67%
Ensco Plc. (ESV) $8.41 +6.73%
Newfield Exploration Co (NFX) $26.03 +6.64%
United States Steel Corp. (X) $8.31 +5.73%
Charles Schwab Corp. (SCHW) $25.46 +5.69%
Mosaic Company (MOS) $26.82 +5.51%
Chesapeake Energy Corp. (CHK) $2.70 +5.47%
S&P 500 - Fallers
Southwestern Energy Co. (SWN) $6.38 -5.76%
Graham Holdings Co. (GHC) $484.79 -4.57%
Peabody Energy Corp. (BTU) $2.21 -4.33%
Intuit Inc. (INTU) $95.75 -4.32%
PPL Corp. (PPL) $34.82 -4.21%
American Electric Power Co. Inc. (AEP) $61.47 -3.79%
Pinnacle West Capital Corp. (PNW) $68.54 -3.75%
Ameren Corp. (AEE) $46.49 -3.41%
Sempra Energy (SRE) $95.56 -3.39%
Entergy Corp. (ETR) $71.74 -3.38%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $61.51 +1.80%
Goldman Sachs Group Inc. (GS) $150.25 +1.35%
Boeing Co. (BA) $118.16 +1.15%
JP Morgan Chase & Co. (JPM) $57.54 +0.93%
Intel Corp. (INTC) $29.80 +0.61%
Caterpillar Inc. (CAT) $66.87 +0.60%
General Electric Co. (GE) $29.40 +0.58%
Nike Inc. (NKE) $62.60 +0.35%
Apple Inc. (AAPL) $96.91 +0.16%
Unitedhealth Group Inc. (UNH) $121.33 +0.11%
Dow Jones I.A - Fallers
Coca-Cola Co. (KO) $43.14 -2.31%
Wal-Mart Stores Inc. (WMT) $66.51 -2.25%
International Business Machines Corp. (IBM) $132.03 -1.84%
Microsoft Corp. (MSFT) $51.30 -1.54%
Procter & Gamble Co. (PG) $81.10 -1.51%
Pfizer Inc. (PFE) $30.23 -1.18%
Chevron Corp. (CVX) $84.35 -1.11%
McDonald's Corp. (MCD) $117.06 -1.11%
Travelers Company Inc. (TRV) $108.46 -0.74%
Visa Inc. (V) $72.73 -0.74%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $173.80 +9.85%
Biomarin Pharmaceutical Inc. (BMRN) $80.14 +4.88%
Kraft Heinz Co. (KHC) $77.84 +3.84%
Autodesk Inc. (ADSK) $51.19 +3.58%
Seagate Technology Plc (STX) $31.69 +2.49%
Express Scripts Holding Co (ESRX) $71.33 +2.35%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $49.63 +2.01%
NetApp Inc. (NTAP) $25.12 +1.99%
JD.com, Inc. (JD) $25.41 +1.93%
Illumina Inc. (ILMN) $155.31 +1.91%
Nasdaq 100 - Fallers
Intuit Inc. (INTU) $95.75 -4.32%
Costco Wholesale Corp. (COST) $149.68 -3.26%
Viacom Inc. Class B (VIAB) $36.23 -2.37%
T-Mobile Us, Inc. (TMUS) $37.47 -2.32%
Gilead Sciences Inc. (GILD) $88.10 -2.28%
Mondelez International Inc. (MDLZ) $40.69 -2.14%
Liberty Interactive Corporation QVC Group (QVCA) $25.70 -2.08%
Mattel Inc. (MAT) $32.47 -2.02%
Sba Communications Corp. (SBAC) $94.66 -2.01%
Monster Beverage Corp (MNST) $130.79 -1.74%