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Wall Street takes reality check after strong week

2020-02-15 HKT 07:17
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  • Nothing frenetic this time. Photo: AP
    Nothing frenetic this time. Photo: AP
US markets have closed flat following a day of cautious trading. The Dow Jones was down 25 points, less than 0.1 percent, at 29,398. The S&P 500 and Nasdaq were both up 0.2 percent at 3,380 and 9,731.

The mixed results capped a week that saw all indices hit records then recede before bounding back amid fears over the new coronavirus outbreak.

Meanwhile, economic statistics released on Friday did little to spur the markets, although key companies including Nvidia and Expedia posted solid results.

The muddled close was a contrast from Thursday, when all three indices closed in the red, and Wednesday, when all finished at record highs.

"It's a mixed session," said Peter Cardilla of Spartan Capital Securities, who pointed to a Monday holiday in the United States. "No one wants to commit money before the long weekend."

Nonetheless, the major indices made substantial gains over the week as a whole, with the Dow up one percent, the Nasdaq growing 2.2 percent and the S&P 500 up 1.6 percent.

The US Commerce Department earlier in the day reported a 0.3 percent increase in retail sales in January compared to December, as expected.

Industrial production statistics released by the Federal Reserve showed a drop of 0.3 percent over the same period, blamed on Boeing's decision to shut down production lines for its grounded 737 MAX aircraft, data that Cardilla said underlined the mixed nature of the trading day. (AFP)