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Despite up session, Dow suffers 5th straight weekly loss
NEW YORK, May 25, 2019 (BSS/AFP) – Wall Street stocks finished another
down week on a positive note on Friday, climbing ahead of a holiday weekend
despite lingering anxiety over the US-China trade conflict.
The Dow Jones Industrial Average climbed 0.4 percent to 25,585.69. But
this was not enough to prevent the index from falling for the fifth straight
week, its longest such streak since 2011.
The broad-based S&P 500 added 0.1 percent at 2,826.06, while the tech-rich
Nasdaq Composite Index also edged up 0.1 percent to 7,637.01.
After a strong run for the stocks in the first four months of the year,
fresh trade war anxiety has roiled markets throughout May as the United
States and China have announced new tariff measures amid sharpening rhetoric
between Beijing and Washington.
The two sides still have not scheduled another round of negotiations,
although both sides have vowed to keep talking.
“The lack of a trade agreement is probably the biggest thing confronting
the market going forward,” said Bill Lynch, director of investment at
Hinsdale Associates. “Hopefully we’ll get something soon.”
In other disappointing news, data showed sales of US-manufactured goods in
April fell to their lowest level in nine months, as American companies sold
fewer cars and planes and less factory equipment.
Among individual companies, Foot Locker plunged 16 percent after it
reported lower-than-expected first-quarter earnings and sales.
Analysts described Friday’s trading volume as light ahead of the Memorial
Day weekend. US markets will be closed on Monday.
BSS/AFP/HR/0925