S&P 500 falls just shy of record

The Washington Post Sunday - - MARKETS -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.