NEW YORK, Oct 14 — The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and...
Among the S&P’s 11 major industry sectors energy led gains with a 2.3 per cent advance as oil prices rose. ― Reuters picNEW YORK, Oct 14 — The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest US banks.
At this stage of the economic cycle when data has been good but is “expected to deteriorate over the next several months,” Goodwin said, “shifts in leadership are incredibly common and no one market narrative tends to last for more than a couple of days at a time.”However, unless there is a major escalation in the Middle East war the strategist said she did not expect Friday’s mood to be “indicative of the beginning of a troubled market.
Among the S&P’s 11 major industry sectors energy led gains with a 2.3 per cent advance as oil prices rose. Defensive sectors such as utilities, up 1 per cent, and consumer staples, adding 0.8 per cent, were also top gainers.Shares in JPMorgan Chase, Wells Fargo and Citigroup rose after their quarterly profits trounced analysts’ estimates with help from higher interest rates. Wells Fargo rose 3 per cent and JPMorgan closed up 1.5 per cent, but Citigroup lost steam, ending down 0.2 per cent.
Among individual stocks, asset manager BlackRock fell 1.3 per cent after posting a sharp drop in quarterly net inflows.Dollar General finished up 9 per cent after the discount store retailer brought back former CEO Todd Vasos to replace Chief Executive Jeff Owen.
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