March 23, 2018

United States open: Wall Street trades flat despite gains for bank shares

17 September 2017, 11:17 | Melvin Schneider

Thursday's market wrap

Wall Street mixed after record highs

"Armenpress" reports the value of Dow Jones up by 0.20% to 22203.48 points, S&P 500 down by 0.11% to 2495.62 points, Nasdaq down by 0.48% to 6429.09 points.

Inflation also showed signs of perking up, with consumer prices rising 0.4% in August. The S&P edged down zero.1 percent to finish at 2,495.6-2, and the Nasdaq lost almost half-a-percent, at 6,429.0-9.

MSCI's gauge of stocks across the globe gained 0.11 percent to set a new high for an index that tracks the performance of more than 2,400 stocks in 47 countries.

Economists had expected retail sales to inch up by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

Health care (-0.3%) and consumer discretionary (-0.2%) were the day's weakest groups, trimming their respective weekly gains to 0.4% and 0.9%, while utilities (+0.1%) edged higher but still fell 0.4% on the week.

On the data front, USA retail sales declined unexpectedly in August and were revised lower for July, raising question marks about the consumer-led recovery. The greenback pared its biggest weekly gain since February as the Bank of England's hawkish shift bolsteredthe pound.

The pan-European FTSEurofirst 300 index of leading regional shares lost 0.41 percent to close at 1,495.38.

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The S&P 500 was up 1.44 points, or 0.06 percent, at 2,497.06. Losses were capped when weaker-than-expected US retail sales renewed doubts the Federal Reserve will raise rates in December. Dental supply company Henry Schein gave up $3.25, or 1.9 percent, to $165.63 and drugmaker Gilead Sciences lost $1.40, or 1.7 percent, to $81.76.

After several days of gains, United States share prices were mixed in opening trade on Thursday as investors digested a raft of data. Hong Kong's Hang Seng fell 0.7 percent to 27,571.42 and the Shanghai Composite in mainland China shed 0.6 percent to 3,353.11.

German Bunds last fell 1 basis points in price to yield 0.433 percent, up from 0.437 percent late on Thursday.

US stocks are edging higher in midday trading on Wall Street, led by more gains for technology and industrial companies. Brent crude, used to price worldwide oils, gained 46 cents to $55.62 a barrel in London. The benchmark 10-year yield started the week near 2.09%; it traded around 2.19% Friday. The S&P 500, the benchmark for many index funds, had it best week since the first week of the year.

CURRENCIES: The dollar dipped to 110.61 yen from 110.66 yen.

The pound surged to $1.3571 from $1.3398, its highest since mid-2016. The euro weakened to $1.1906 from $1.1919.

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