US stock indexes mixed in afternoon trading; oil rebounds
- Author: Rita Burton Apr 02, 2017,
Apr 02, 2017, 1:10
USA stocks meandered before finishing lower on Friday, as investors locked up a stellar quarter of gains on the heels of post-election euphoria.
In New York, the Dow Jones industrial average fell 39.10 points to 20,689.39. The Nasdaq Composite Index increased 16.80 points, or 0.28 percent, to 5,914.34.
Official stats earlier showed the United States economy, or GDP - the overall value of all goods and services produced by a country- rose at a 2.1% annualized pace in the fourth quarter, which was faster than the 1.9% rate - so it was an upwards revision. Eastern Time. The Standard & Poor's 500 index fell 3 points, or 2 per cent, to 2,364.
-The MSCI Emerging Market index slipped 0.3 percent.
Tomorrow, investors will receive a slew of economic reports, including February Personal Income (consensus 0.4%), Personal Spending (consensus 0.2%), and PCE Price Index (consensus 0.1%) at 8:30 ET, March Chicago PMI (consensus 55.8) at 9:45 ET, and the final University of Michigan Consumer Sentiment reading (consensus 97.6) at 10:00 ET. The Nasdaq is set to log the best performance of the major USA indexes in March - a 1.5% rise, with one more session to go. CarMax slid 79 cents, or 1.3 per cent, to $59.27.
According to CNBC, energy stocks also outperformed, with the sector jumping 0.4%.More news: LaVar Ball says Lonzo Ball wins more than 6 National Basketball Association titles
Yesterday, the Dow Jones Industrial Index finished 42 lower at 20,659; the S&P500 and Nasdaq composite however stayed in the red - the latter closing 22 points ahead at 5,897 and the former (S&P) adding around two points at 2,361.
Economic data earlier in the day showed that the domestic economy grew at a faster pace in the fourth quarter than previously estimated.
Ten-year Treasury yields rose above 2.41 percent.
Lululemon Athletica LULU.O plunged as much as 23.4 percent to a more than one-year low of $50.80 after the Canadian yoga and leisure apparel retailer said first-quarter comparable sales were expected to fall. The stock climbed $5.50 to $17.45.
DuPont (DD) on Friday said it will sell part of its crop-protection business (http://www.marketwatch.com/story/dupont-sells-part-of-crop-protection-business-to-fmc-for-12-billion-and-fmc-health-and-nutrition-2017-03-31) to FMC Corp.
On other economic news, in the week ending March 25, the advanced figure for seasonally adjusted initial jobless claims was 258,000, a decrease of 3,000 from the previous week's unrevised level of 261,000, the U.S. Labor Department reported Thursday. Brent crude, used to price global oils, added 12 cents to $53.25. The euro also weakened after a news report said European Central Bank officials had been alarmed by the market reaction to its March policy meeting.