Stocks End on a Mixed Note
Stocks ended on a mixed note in trading on Friday as concerns over global economic growth overshadowed better than expected U.S. consumer sentiment report and earnings from JP Morgan Chase & Co. (NYSE: JPM).
The Dow Jones ended the day 0.02% higher at 13,328.85, the S&P 500 ended the day 0.30% lower at 1,428.59, and the Nasdaq ended the day 0.17% lower at $3,044.11.
Financials were the worst performers in the S&P 500 on Friday, ending the day 0.85% lower. Basic Materials sector also fell sharply, ending the day 0.71% lower. Energy sector ended the day 0.36% lower. Transportation sector was the best performer in the S&P 500 on Friday, ending the day 0.43% higher. Consumer Non-Cyclical sector ended the day 0.10% higher.
JP Morgan Chase shares fell sharply on Friday even as the company reported strong third-quarter financial results. The stock fell to an intra-day low of $41.15 in trading on Friday before finishing the day 1.14% lower at $41.62 on above average volume of 44.57 million.
Wells Fargo & Company (NYSE: WFC) shares also fell sharply in trading on Friday after the company reported its third-quarter financial results. WFC shares ended the day 2.64% lower at $34.25 on above average volume of 61.32 million.
Other major movers on Friday were Advanced Micro Devices Inc. (NYSE: AMD), which ended the day 14.38% lower at $2.74, Lexicon Pharmaceuticals Inc. (NASDAQ: LXRX), which ended the day 12.55% higher at $2.69, and Alpha Natural Resources Inc. (NYSE: ANR), which ended the day 7.84% lower at $7.88.
On the economic report, consumer sentiment rose in October to the highest level in five years, according to the preliminary reading on the Thomson Reuters/University of Michigan’s consumer sentiment index. A report from the Labor Department showed that producer prices rose in the month of September.
European markets ended mostly lower on Friday, with the FTSE 100 Index in London closing 0.62% lower, and the CAC 40 Index in Paris closing 0.72% lower. Asian markets ended on a mixed note on Friday, with the Nikkei 225 Index in Japan closing 0.15% lower, and the Hang Seng Index in Hong Kong closing 0.65% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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