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Dow, S&P 500 gains last week, but Nike pulls in by Reuters


ছবি Photo from Reuters file: Front of the New York Stock Exchange (NYSE) in New York, USA, February 16, 2021. Reuters / Brendon McDermide / File photo

By Caroline Valtkevich

NEW YORK (Reuters) – The Dow and Friday ended a turbulent week with higher endings and slight increases, helped by gains on Tesla (Nasdaq 🙂 and Facebook (Nasdaq 🙂 Nike (NYSE :).

Shares of sportswear wear company Nike fell 6.3% and the biggest pull on the Dow and S&P 500 was when it provided a sell-off forecast and warned of delays in the holiday shopping season, blaming the supply chain crisis.

Footwear retailer shares Foot locker (NYSE 🙂 and fell sharply.

Conversely, Facebook grew 2% and Tesla 2.7%. The S&P communications services sector grew 0.7% and was the second-largest sector gainer the next day in power, up 0.8%.

Stocks bounced back from sharp sells at the start of the week due to defaults in China’s Evergrande at the start of the week and concerns over its potential risks in global financial markets.

On Friday, Evergrand’s electric car unit warned that it would face an uncertain future unless it gets a quick cash injection, but it’s a clear sign that the property developer’s liquidity crisis is getting worse in other parts of its business.

“You’ve gotten better from the bottom up this week,” said Rick McLaren, a partner at Cherry Lane Investments, the family investment office in New Vernon, New Jersey.

“These rates are low – even if they’re moving slowly – and with the financial stimulus you’ll probably see coming, I think investors still prefer stocks over any other asset class. Stocks are strangely safe places that investors see.”

On Wednesday, the Federal Reserve said it would “soon” reduce its monthly bond purchases and raise the cost of rising Fed policymakers by 2022.

The S&P 500 was up 33.18 points, or 0.1%, at 34,798, the S&P 500 was up 6.5 points, or 0.15%, at 4,455.48 and down 4.55 points, or 0.03%, to 15,047.70.

For the week, the Dow was up 0.6%, the S&P 500 was up 0.5% and the Nasdaq was near flat.

Shares of cryptocurrency-related companies Coinbase (NASDAQ 🙂 Global, MicroStrategy Inc, Riot Blockchain (NASDAQ 🙂 and Marathon Patent Group fell after the Chinese central bank imposed a ban on crypto trading and mining.

It was a very volatile week to say the least, so I think the volatility could continue into the last week of September, especially with window dressing towards the end of the quarter, ”said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Investors are also looking for signs of progress on President Joe Biden’s spending and budget bills.

Progress issues have been reduced to a 1.50-to-1 ratio on the NYSE; At Nasdaq, the 1.40-to-1 ratio is missing the decliner.

S&P 500 posted new 52-week highs and new levels; The Nasdaq Composite recorded 82 new heights and 73 new levels.

The volume on the US exchange was 9.00 billion shares, compared to 10.11 billion shares in the entire session of the last 20 trading days.





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