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Friday 14 October 2016

Wall St's gains fade as Yellen questions economy's resilience

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US stocks ended little changed on Friday, losing ground late after Federal Reserve Chair Janet Yellen's comments on the economy unnerved investors. 

Financial shares finished up, giving the S&P 500 its biggest boost after stronger-than-expected bank results, but gave up most of their early gains. Healthcare shares led declines.

The Dow Jones industrial average closed up 39.44 points, or 0.22 percent, to 18,138.38, the S&P 500 gained 0.43 points, or 0.02 percent, to 2,132.98 and the Nasdaq Composite added 0.83 points, or 0.02 percent, to 5,214.16.

For the week, the Dow was down 0.6 percent, the S&P 500 was down 1 percent and the Nasdaq fell 1.5 percent.

Shares of Twitter fell 5.1 percent to USD 16.88 after Salesforce.com's chief executive ruled out bidding for Twitter. Salesforce.com shares jumped 5.2 percent to USD 74.27.

HP Inc fell 4.4 percent to USD 14.48 after the company said it would cut about 3,000 to 4,000 jobs over the next three years.

About 6.0 billion shares changed hands on US exchanges, below the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Advancing issues outnumbered declining ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favoured decliners.

The S&P 500 posted 3 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 27 new highs and 80 new lows.


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