S&P 500 falls just shy of record
Unmoved by politics, the economy or corporate earnings, the Standard & Poor’s 500-stock index last week slipped 0.4 percent over the five days, as double-digit losses in retailers Macy’s and Nordstrom were offset by equally large rallies in Nvidia and Advanced Micro Devices. While closing at a record 2,399.63 on Wednesday, the index has been hovering just below 2,400 for the better part of two weeks.
The Dow Jones industrial average declined 0.5 percent, or 110.33 points, to 20,896.61.
Bucking the downtrend, the Nasdaq composite index increased 0.3 percent to 6,121.23, as Apple rallied 5.2 percent, becoming the first U.S. company with a market value over $800 billion.
U.S. stocks showed resilience amid financial turmoil in China and President Trump’s firing of FBI Director James B. Comey. But with first-quarter earnings coming to a close and equities near the highest valuations since the aftermath of the dot-com era, investors are reluctant to take on more risk.
The CBOE Volatility Index sank to 9.77 on Monday, the lowest level since at least 1993.
The U.S. treasury will sell $39 billion of three-month bills and $33 billion of sixmonth bills Monday. They yielded 0.899 percent and 1.024 percent in when-issued trading. It will also sell four-week bills Tuesday.