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Friday 23 September 2016

Wall Street falls as energy lags; shares post gains on week

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Wall Street retreated on Friday as lower oil prices weighed on energy shares and Facebook and Apple declined, but major indexes still posted gains for the week.

Energy was the worst-performing major S&P sector, dropping 1.3 percent. Oil prices tumbled 4 percent on signs Saudi Arabia and Iran were making little progress on a bilateral agreement ahead of talks by crude exporters aimed at freezing production.


The Dow Jones industrial average ended down 131.01 points, or 0.71 percent, at 18,261.45, the S&P 500 lost 12.49 points, or 0.57 percent, to 2,164.69 and the Nasdaq Composite dropped 33.78 points, or 0.63 percent, to 5,305.75.

For the year, the benchmark S&P 500 is up about 6 percent. With the highly anticipated Fed decision now past, investors are turning toward the upcoming corporate earnings season and US presidential election, with the first debate on Monday.

Nine of 11 major S&P sectors ended lower. The tech sector fell about 1 percent, with Apple shares down 1.7 percent on concerns about iPhone sales.

Endo International shares jumped over 15 percent after the drugmaker announced a new chief executive.

Declining issues outnumbered advancing ones on the NYSE by a 2.13-to-1 ratio; on Nasdaq, a 1.67-to-1 ratio favored decliners.


The S&P 500 posted seven new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 13 new lows.

About 6.3 billion shares changed hands on U.S. exchanges, below the 6.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.


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