Despite up session, Dow suffers 5th straight weekly loss
NEW YORK: Wall Street stocks finished another down week on a positive note on Friday (May 24), climbing ahead of a holiday weekend despite lingering anxiety over the US-China trade conflict.
The Dow Jones Industrial Average climbed 95.22 points (0.37 per cent) to 25,585.69. But this was not enough to prevent the index from falling for the fifth straight week, its longest such streak since 2011.
The broad-based S&P 500 added (0.14 per cent) at 2,826.06, while the tech-rich Nasdaq Composite Index also edged up (0.11 per cent) to 7,637.01.
After a strong run for the stocks in the first four months of the year, fresh trade war anxiety has roiled markets throughout May as the United States and China have announced new tariff measures amid sharpening rhetoric between Beijing and Washington.
The two sides still have not scheduled another round of negotiations, although both sides have vowed to keep talking.
“The lack of a trade agreement is probably the biggest thing confronting the market going forward,” said Bill Lynch, director of investment at Hinsdale Associates. “Hopefully we’ll get something soon.”
In other disappointing news, data showed sales of US-manufactured goods in April fell to their lowest level in nine months, as American companies sold fewer cars and planes and less factory equipment.
Among individual companies, Foot Locker plunged 16 per cent after it reported lower-than-expected first-quarter earnings and sales.
Analysts described Friday’s trading volume as light ahead of the Memorial Day weekend. US markets will be closed on Monday.