Wall Street ends near flat, but financials climb with yields
U.S. stocks ended little changed on Friday as financials rose with bond yields, while news that President Donald Trump instructed aides to proceed with tariffs on about $200 billion of Chinese products limited gains.
The S&P financial index <.spsy> was up 0.7 percent, leading percentage gains among sectors. Benchmark U.S. Treasury yields
At the same time, the rate-sensitive S&P utilities index <.splrcu> fell 0.5 percent.
A source familiar with the White House decision also said the timing for activating the additional tariffs was unclear. The move came despite Treasury Secretary Steven Mnuchin`s attempts to restart talks with Beijing.
"There are a lot of headlines that have come out, people have been pretty active all week, and it`s Friday afternoon. You don`t really want to add additional risk when you don`t know what news might hit over the weekend," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
The Dow Jones Industrial Average <.dji> rose 8.68 points, or 0.03 percent, to 26,154.67, the S&P 500 <.spx> gained 0.83 point, or 0.03 percent, to 2,905.01 and the Nasdaq Composite <.ixic> dropped 3.67 points, or 0.05 percent, to 8,010.04.
For the week, the Dow was up 0.9 percent, the S&P 500 was up 1.2 percent and the Nasdaq rose 1.4 percent.
Also weighing on utilities was NiSource
Shares of insurer Travelers
Advancing issues outnumbered declining ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers.
The S&P 500 posted 51 new 52-week highs and no new lows; the Nasdaq Composite recorded 118 new highs and 68 new lows.
About 6.2 billion shares changed hands on U.S. exchanges. That compares with the 6.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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