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Wall Street ends mixed amid trade worries

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New York, Feb 9 (IANS) US stocks ended mixed as concerns over trade uncertainties and global economic slowdown lingered, capping market gains.

The Dow Jones Industrial Average was down 63.20 points, or 0.25 percent, to 25,106.33 on Friday. The S&P 500 was up 1.83 points, or 0.07 percent, to 2,707.88. The Nasdaq Composite Index rose 9.85 points, or 0.14 percent, to 7,298.20, Xinhua news agency reported.

The Dow booked its first three-day losing streak since December, with shares of UnitedHealth Group down 2.6 percent, leading the decliners in the 30-stock index.

Both the S&P 500 and the Nasdaq managed to turn positive at the last minute during Friday’s trading.

Seven of the 11 primary S&P 500 sectors closed higher, as groups like consumer staples and utilities outperformed while energy and financials struggled.

Amazon stock decreased 1.62 percent after reports on Friday revealed that the US e-commerce giant is reconsidering its new headquarters site in New York due to local opposition.

Other major US tech-related stocks such as Facebook, Apple and Netflix all erased early losses and closed higher, underpinning the Nasdaq.

Wall Street paid close attention to the progress of U.S.-China trade talks. Trade issues have been a big part of market anxieties since last year.

The European Commission on Thursday cut its forecast for euro zone economic growth in 2019 and 2020, reigniting fears of global economic slowdown.

Investors were also anxious about earnings outlook.

Earnings for the first quarter of 2019 are expected to contract by more than 1 percent, according to CNBC, citing data from FactSet.

 

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