Here Are 4 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average
closed higher on Friday, led by Procter & Gamble Co. (PG) and Travelers Cos. (TRV) .
- The G-7 summit in Quebec City begins Friday and it's expected to be a tense meeting as leaders confront President Donald Trump over tariffs he has imposed.
- Verizon Communications Inc. (VZ) rose slightly after the telecom giant named Hans Vestberg as it new CEO, replacing retiring CEO Lowell McAdam.
- For the week the Dow jumped 2.77%, the S&P 500 rose 1.62% and the Nasdaq gained 1.21%.
Wall Street Overview
Stocks were higher on Friday, June 8, as markets braced for what promises to be a fiery meeting of G-7 leaders in Quebec City that could ignite another series of trade war skirmishes among the world's biggest economies.
Donald Trump lashed out at both Canadian Prime Minister Justin Trudeau and his closest European ally, President Emmanuel Macron of France, in a series of tweets that suggested the two-day summit that begins Friday will produce little in the way of broader consensus and may indeed harden positions on trade and other key issues among officials in Washington.
Trump accused both France and Canada of imposing massive tariffs on U.S. goods. "Why isn't the European Union and Canada informing the public that for years they have used massive Trade Tariffs and non-monetary Trade Barriers against the U.S.," Trump said in a tweet.
The Dow Jones Industrial Average
Verizon Communications Inc. (VZ) said Friday that Hans Vestberg will take over for retiring CEO Lowell McAdam on Aug. 1. Vestberg joined Verizon about one year ago and currently serves as its chief technology officer.
Shares of the telecommunications giant closed up 0.35%.
Apple Inc. (AAPL) shares fell 0.91% on Friday following a report that said the tech giant has warned companies in its supply chain to expect a steep drop in iPhone component orders into the second half of the year.
Facebook Inc. (FB) said a software bug led some users to post publicly by default regardless of their previous settings. The bug affected as many as 14 million users over several days in May. The stock was up 0.49%.
Broadcom Inc. (AVGO) fell 2.5% on Friday even after the chipmaker posted better-than-expected earnings its fiscal second quarter.
Ant Financial, the online payments affiliate of Alibaba Group Holding Ltd. (BABA) , completed a round of funding that raised $14 billion from Chinese and international investors. Proceeds will be used to accelerate a global expansion and develop new technology.