Wall Street erases gains, closes week with small gains
Although major equity indexes were higher for the majority of the session, they started to erase their gains in the last hours of trading as investors cashed in their profits.
Technology stocks stole the spotlight on Friday as solid performances of giants like Apple, Facebook, and Microsoft boosted the S&P 500 information technology sector .SPLRCT. Although the sub-index nearly gained 1% on the day, it closed 0.67% higher. In the meantime, crude oil prices rebounded on Friday, lifting the barrel of WTI above $43 and helping the S&P 500 energy index .SPNY recover part of its weekly losses as it added 0.75%.
On the other hand, flattening yield curve continues to hurt the bank stocks, weighing on the financial index .SPSY. Despite some dovish comments from FOMC members, the sub-index dropped 0.5% on the day.
The Dow Jones Industrial Average closed virtually unchanged at 21,395.82, the S&P 500 added 4.25 points, or 0.15%, to 2,435.75, and the Nasdaq Composite gained 28.57 points, or 0.46%, to 6,265.25.
Headlines from the U.S. session:
- US: Key economic reports ahead - Danske Bank
- Fed’s Mester: One more rate hike expected in 2017
- US New Home Sales: Solid rebound in May - Wells Fargo
- Fed's Bullard: Possible Fed could announce b/sheet decision in September
- Fed's Mester: US Mon. policy cannot address income inequality, effects of globalization
- Crude oil: price may fall further near term - Danske Bank
- NY Fed Nowcast: GDP growth seen at 1.9% for 2017:Q2 and 1.5% for 2017:Q3
- Fed's Bullard: Fed can wait on further rate increases given "downside surprise" in recent data
- Disinflation to question all this hawkish rhetoric floating around - ING
- US: Sales of new houses in May 2017 were at seasonally adjusted annual rate of 610K