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BCN-08
US-STOCKS-MARKETS
US stocks end flat amid trade war worries
NEW YORK, Feb 9, 2019 (BSS/AFP) – Wall Street stocks finished little
changed on Friday, bouncing back somewhat from earlier declines amid worries
over US-China trade tensions and the weakening global growth outlook.
The Dow Jones Industrial Average ended down 0.3 percent at 25,105.25.
The broad-based S&P 500 edged up 0.1 percent to 2,707.82, while the tech-
rich Nasdaq Composite Index also added 0.1 percent at 7,298.20.
After a torrid January, analysts have been anticipating a pullback in
stocks. Wall Street fell the last two sessions and spent much of Friday in
the red before a late-day bounce lifted two of the three indices narrowly
into positive territory.
On Thursday, US President Donald Trump said he did not expect to meet his
Chinese counterpart Xi Jinping before a March 1 deadline for the two economic
powers to reach a deal before new tariff actions come into effect.
With the outlook for a US-China trade deal uncertain, “the logical
approach is to take some risk off the table,” said Maris Ogg, analyst and
portfolio manager at Tower Bridge Advisors.
Shares of Amazon dropped 1.6 percent after Chief Executive Jeff Bezos
accused the publisher of the National Inquirer of trying to blackmail him
with lurid photos.
A note from CFRA Research rated Amazon a “buy” based on the company’s
prospects despite viewing Friday’s drop as evidence of investor unease.
“We surmise that such developments have thus far not meaningfully
detracted from a relatively swift reversion of investors’ predominant focus
on Amazon’s fundamentals,” the note said.
Shares of Mattel surged 23.2 percent following an unexpected fourth-
quarter profit following cost-cutting efforts and strong sales for Barbie and
Hot Wheels toys.
BSS/AFP/HR/0945