Stocks End Lower on Disappointing Economic Data
Stocks slipped in trading on Friday, ending a four-day rally that saw the Dow Jones and the S&P 500 touch record high levels. Stocks were pushed lower by some disappointing economic data.
The Dow Jones finished flat at 14,865.06, the S&P 500 ended the day 0.28% lower at 1,588.85, and the Nasdaq ended the day 0.16% lower at 3,294.95.
Basic Materials sector was the worst performer in the S&P 500 on Friday, ending the day 1.66% lower. Energy sector also fell sharply, ending the day 1.15% lower. Industrials ended the day 0.73% lower, while Conglomerates ended the day 0.71% lower. Services sector was the best performer in the S&P 500, ending the day 0.24% higher.
Among the major movers in trading on Friday were McDonald’s Corporation (NYSE: MCD), which ended the day 1.57% higher at $103.59, JP Morgan Chase & Co. (NYSE: JPM), which ended the day 0.61% lower at $49.01, and Wells Fargo & Co. (NYSE: WFC), which ended the day 0.80% lower at $37.21.
On the economic front, a report released by the Commerce Department showed that retail sales dropped 0.4% last month. Meanwhile, consumer sentiment dropped to a nine-month low in April, 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 fell 0.6% in March.
European markets ended mostly lower on Friday, with the FTSE 100 Index in London closing 0.49% lower, and the CAC 40 Index in Paris closing 1.23% lower. Asian markets also ended mostly lower overnight, with the Nikkei 225 Index in Japan closing 0.28% lower, and the Hang Seng Index in Hong Kong closing 0.06% lower.
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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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