Benchmarks for US stocks closed down—and firm—at the end of the day, Friday, registering yet another blemished week of losses on the heels of low volumes and nervous investors pulled back to leave the whole of Wall Street pretty vulnerable.
For one, the Dow Jones Industrial Average Index closed down 76.22 points, or roughly 4 percent, to 21,674.51. It had been down by as many as 110 points earlier in the day. The stock putting the most drag on the day came form Nike, which fell nearly 4.5 percent on the day. In addition, Cisco Systems shares finished 2.2 percent down and Home Depot Inc also closed down about 1.5 percent.
For another, the Standard & Poor’s 500 Index finished nearly 4.5 points down, or 0.2 percent, on Friday, closing at 2,425.55. Real estate, telecommunications, and consumer discretionary stocks were the drags in this case.
Finally, tech stocks also pulled down the Nasdaq Composite Index, which ended the day down nearly 5.4 points, or 0.1 percent, to close at 6,216.53. The Nasdaq closed down 0.6 percent on the week.
This marks the second straight week of losses for both the S&P and the DOW; the DOW showing the biggest two-week percentage decline since the middle of September of 2016. This is also the fourth straight week of losses for the Nasdaq Composite; posting its longest weekly losing streak since May of 2016.
Now, it is important to note that, on the day, stocks showed a bit of a surge after the New York Times released a report that key advisor to President Trump, Steve Bannon was to be dismissed. But Kingsview Asset Management portfolio manager Paul Nolte notes, “The news of the day around the White House has no long term impact.”
Robert W Baird & Co equity sales trader Mike Antonelli adds “I don’t know how Bannon leaving is good for the $18 trillion US economy but we are in a bit of a news vacuum right now. If someone is banging a drum in the corner of the room, then we’re going to look at the drum,” referring, of course, to August’s lightly-traded, seasonally-adjusted period.