Dow Posts First Weekly Decline Since June
"People are waiting for something different and you're not getting it right now," said Aaron Izenstark, chief investment officer of IRON Financial. "You're getting this continued plod-along, slow growth ... so as a whole things are improving. The question is, can the market move forward without the [Federal Reserve]?"
The S&P 500 slid 0.36%, to 1,691.41 as the benchmark index booked its largest one-week drop since the week ended June 21, when stocks fell 2.1%. The S&P fell 1.07% on the week.
The Dow Jones Industrial Average lost 0.47% to 15,425.51. The blue-chip index lost 1.49% this week. The Nasdaq dropped 0.25% to 3,660.11, while the tech-heavy index declined 0.8% over the past five trading sessions.Economic data was light for Friday as June wholesale inventories dipped 0.2%, which followed a 0.5% dip in May. Economists polled by Thomson Reuters were expecting inventories to rise 0.4%. Priceline (PCLN) was an exception to an otherwise slumbering market, advancing 3.9% to close at $969.89 after the online travel company beat earnings expectations on a surge in bookings. The company posted second-quarter earnings of $9.70 a share on $1.68 billion in revenue, while analysts were looking for $9.36 a share on revenue of $1.66 billion. J.C. Penney (JCP) was the biggest percentage loser on the S&P as shares plunged 5.8% to $12.87. Shares of the retailer jumped 6.7% on Thursday following a report that activist billionaire investor Bill Ackman was urging the board to replace CEO Myron Ullman. European markets were mixed on Friday. The FTSE 100 in London increased 0.82%, and the DAX in Frankfurt closed higher by 0.24%. Asian markets closed higher overnight. Japan's Nikkei average closed up 0.7% at 13,615. Hong Kong's Hang Seng climbed 0.7% to 21,808. The benchmark 10-year was lifting 4/32, diluting the yield to 2.578%. The dollar was adding 0.14%, according to the U.S. dollar index. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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