Dow Halts Skid at 8 Straight Sessions, But Stock Market Ends The Week Lower Amid Trade Jitters
Saturday, 23 June 2018 03:23 WIB |
MARKET UPDATE |DOW JONESS & P 500SahamAS
The Dow Jones Industrial Average on Friday closed higher, ending an eight-session slide that drove the broader market to weekly loss, amid rising global trade tensions.
The Dow closed up about 120 points, or 0.5%, at 24,581, avoiding a nine-day slide, which would have marked its longest since 1978. Sharp gains in shares of McDonald's Corp. up 2.7% and UnitedHealth Group Inc. were among the components that supported an advance in the price-weighted Dow. The S&P 500 index gained 0.2% at 2,754, supported by a rally in crude-oil futures, which enjoyed a pop after the Organization of the Petroleum Exporting Countries early Friday reached an agreement at a gathering in Vienna to increase a curb on crude output, but less aggressively than had been anticipated.
August West Texas Intermediate crude on the New York Mercantile Exchange rose $3.04, or 4.6%, to settle at $68.58 a barrel, for its highest finish in about a month. That helped propel oil-and-energy focused shares, with the exchange-traded Select Sector SPDR ETF gained 2.1%. The technology-heavy Nasdaq Composite Index closed Friday's session off 0.3% at 7,692. The week of trading was pockmarked by anxieties around trade relations between the U.S. and partners in China and the U.S., headlined by President Donald Trump's threat late Monday to impose $400 billion in additional tariffs on Chinese goods, escalating tensions between the global superpowers. Over the five-session period, the Dow booked a weekly decline of 2%, the S&P 500 lost 0.9%, while the Nasdaq declined by 0.7%.
Source : Marketwatch