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BCN-07
US-STOCKS-MARKETS
US stocks end mixed week on positive note
NEW YORK, March 2, 2019 (BSS/AFP) – Wall Street stocks advanced Friday,
concluding a middling week on a positive note, as hopes of a US-China trade
deal offset mixed economic data.
The Dow Jones Industrial Average advanced 0.4 percent to 26,02632.
The broad-based S&P 500 gained 0.7 percent to 2,803.69, while the tech-
rich Nasdaq Composite Index won 0.8 percent to 7,595.35.
The gains Friday finished off a low-key week for US stocks as markets
showed signs of fatigue after a buoyant start to 2019. The Dow finished with
a slight loss for the week, ending a nine-week winning streak.
Analysts pointed to continued optimism over a US-China trade deal, which
officials on both sides have signaled could be imminent.
But US economic data showed lower consumer spending in December and
slowing manufacturing growth in February.
Among individual companies, Tesla Motors sank 7.8 percent as it unveiled a
version of the Model 3 sedan at $35,000, a price that the company has long
promised.
Chief Executive Elon Musk said he did not expect the company to turn a
profit in the first quarter, an acknowledgement that revived worries over
Tesla’s profitability.
Walgreens Boots Alliance was the biggest loser in the Dow, slumping 6.4
percent. MarketWatch pointed to downcast comments from Chief Financial
Officer James Kehoe at an investment conference.
Gap surged 16.2 percent after announcing plans to split the retailer into
two companies, with Old Navy going as a free-standing company and Gap, Banana
Republic and other brands combined into an unnamed “NewCo.”
BSS/AFP/HR/0932