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US-STOCKS-MARKETS
US stocks end wild week on tepid note
NEW YORK, Dec 29, 2018 (BSS/AFP) – Wall Street finished a choppy session
mostly lower Friday, a tepid conclusion to a raucous week that included an
exceptionally bad Christmas Eve and an historic rebound.
The Dow Jones Industrial Average ended down 0.3 percent at 23,062.40.
The broad-based S&P 500 declined 0.1 percent to 2,485.74, while the tech-
rich Nasdaq Composite Index edged up 0.1 percent to 6,584.52.
Markets bounced repeatedly between positive and negative territory on a
quiet news day characteristic of the normally sleepy period between Christmas
and New Year.
Stocks plunged on Monday amid worries that President Donald Trump could
fire Federal Reserve Chief Jay Powell and unease after Treasury Secretary
Steven Mnuchin spoke with banks in an effort to reassure the markets that
instead amplified doubt.
But stocks surged on Wednesday in a relief rally spurred in part by White
House assurances that Powell’s job was secure.
Major US indices are almost certain to end the year with losses. While
investors aren’t sure what 2019 will bring, more big swings are certainly
possible.
“We’re still working through the volatility,” said Manulife senior
portfolio manager Nate Thooft.
“I don’t think we’ll see meaningfully lower lows, but a retest is
certainly not out of the question.”
Among individual companies, Tesla Motors shot up 5.6 percent after
announcing that it named Oracle co-founder Larry Ellison and Walgreens Boots
Alliance Executive Vice President Kathleen Wilson-Thompson to its board of
directors, completing the requirements of a US settlement of fraud charges
involving Chief Executive Elon Musk.
Wells Fargo advanced 0.6 percent after it announced a $575 million
nationwide settlement over its opening of millions of unauthorized customer
accounts and other alleged predatory practices.
BSS/AFP/HR/0910