Markets Right Now: Stocks end miserable week down 7 percent | AP business

Oscar PerryDec 23, 2018

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, said investors felt Fed Chairman Jerome Powell came off as unconcerned about the state of the US economy, despite deepening worries on Wall Street that growth could slow even more in 2019 and 2020.

The S&P 500 fell 50 points, or 2.1 percent, to 2,416.

The Dow is down 2,273.85 points, or 9.2 per cent. That's the steepest weekly percentage loss since October 2008.

The Nasdaq Composite Index .IXIC confirmed on Friday it is in a bear market for the first time since 2008, underscoring fears that the longest bull run in history for US stocks could soon be over.

The technology-heavy Nasdaq composite index is now down 20 percent from the peak it reached in August.

The Dow lost 638 points, or 2.7 percent, to 22,687.

Helping stanch the bleeding on Friday was Nike Inc, which jumped 6.2 percent after the company's quarterly results beat Wall Street estimates on strength in North America. They allow markets to remove speculative froth after a big run-up and give investors a chance to buy stocks at lower prices.

The Russell 2000 index of smaller-company stocks shed 33.92 points, or 2.6 percent, 1,292.09.

The benchmark S&P 500 index is now nearly 16 percent below the peak it reached in late September.

Eden Hazard happy playing false nine role for Chelsea, insists Maurizio Sarri
Chelsea boss Maurizio Sarri would not be drawn on the prospect of signing Callum Wilson . The first leg of the ties will be played in the weeks commencing January 7 and 21.

The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market. For instance, the Nasdaq fell 55.6 percent during its last bear market, which ran from October 31, 2007, to March 9, 2009. Benchmark U.S. crude fell 4.8 percent to $45.88 a barrel in NY, and it has dropped 40 percent since early October.

The Dow Jones Industrial Average climbed 108 points, or 0.5 percent, to 22,969.

The Nasdaq is down 374.98 points, or 5.4 percent.

-The U.S. dollar ticked higher after two days of sharp losses brought on by fears about the economy and slower increases in interest rates.

UnitedHealth Group, the largest health insurer in the country, fell 1.8 percent. Wholesale gasoline lost 4.6 percent to $1.32 a gallon and heating oil slid 3.1 percent to $1.75 a gallon.

Walgreens fell 2.8 percent and Conagra, a giant food maker, fell 7.4 percent.

Selling in the S&P 500 Index was dominated by underperforming technology stocks.

The Dow Jones fell 6.8% during the week.

Related Articles:



« Previous article
Next article »


Popular Pages

US To Pull Out 7000 Troops From Afghanistan
The Taliban have reportedly celebrated the news of a US troop drawdown as a victory for the insurgent group. Najib Alokozai, a journalist in eastern Nangarhar, downplays the drawdown.

Mavs’ Nowitzki set to make debut of 21st season vs Suns
Nowitzki, 40, was tied with Kobe Bryant at 20 seasons before making his 2018-19 debut. "This is a challenging situation for Dirk". Among the most anticipated scenes will be the first time that Nowitki shares the floor with rookie sensation Luka Doncic .

Australia set 287 runs target for India on a hard pitch
Both captains played down the onfield sledging with Kohli saying, 'As long as there's no swearing and personal attack it is fine. The fourth and final Test will be played in Sydney from January 3.

Super Smash Bros Ultimate Update Version 1.2.0 Patch Notes
The tweaks introduced in the patch make it so that finding a match with the preferred rules is prioritized. This new patch will update the game to version 1 .2.0 and it was already teased earlier by Nintendo .

Why googling 'idiot' brings up Trump photos, Congresswoman asks Pichai
Pichai did not use the hearing to deny that Google will make a version of its search tool for China that censors information. The House committee had also questioned YouTube, Twitter and Facebook executives at separate hearings on bias in big tech.

Is Theresa May planning a second referendum... without Remain as an option?
In October, London and Brussels agreed on the text of an agreement defining the conditions for the UK's exit from the bloc. The newspaper also claimed that Mrs May's chief of staff, Gavin Barwell was supportive of the idea.

Best Nintendo Switch 'Super Smash Bros.' ultimate edition bundle deal
The officers onsite confirmed, according to Williams, that the group of " Smash " enthusiasts wasn't being too loud. Super Smash Bros Ultimate developer Nintendo is getting ready to release update 1.2.0. "We got a lot of cops".

Flynn Associates Indicted for Acting as Unregistered Foreign Agents
The pair sought to hide that the work was, in fact, directed by the Turkish government, federal prosecutors said. The two worked throughout 2016 to seek ways to have cleric Fethullah Gülen extradited from the U.S. to Turkey.

Emily Blunt and Lin-Manuel Miranda Condense 22 Musicals Into 1
Also vying for audiences' attention is Disney's Mary Poppins Returns , which opened in theaters on December 19. Fans ofThe Late Late Show know that James Corden loves the musicals.

Michelle Obama Dishes On Her Final Night at the White House
Last night, Michelle Obama continued her extended tour for her new memoir , Becoming , on The Tonight Show With Jimmy Fallon . Michelle Obama is now out promoting her book " Becoming ", a memoir partly about her time as first lady.