Markets Tumble After Midday Rally Fades – New York Times

Stocks slumped in the final minutes of trading on Friday and ended a rough week with more losses. Bad news from sporting goods retailers weighed on the market.

A day before, stocks had taken their biggest loss in three months. They opened lower after Foot Locker and Hibbett Sports gave dour quarterly reports. The losses eased and stocks briefly turned higher following reports that President Trump’s chief strategist, Steve Bannon, left his White House post. Investors felt that made it a bit more likely that the administration could achieve at least some of its pro-business agenda.

Major stock indexes are at their lowest levels since early July as investors respond to tensions between the United States and North Korea, two terrorist attacks in Spain on Thursday and mounting challenges to the Trump agenda of tax cuts, infrastructure spending and reduced regulation. But the market has not had a severe reaction to all that news. The Standard & Poor’s 500-stock index is only 2.2 percent below the record high it set earlier this month.

“There is a tremendous amount of optimism that is supporting the market even in the face of extraordinary stress,” said Brad McMillan, chief investment officer at Commonwealth Financial Network.

The S.&P. 500 lost 4.46 points, or 0.2 percent, to 2,425.55. The Dow Jones industrial average fell 76.22 points, or 0.3 percent, to 21,674.55. The Nasdaq composite shed 5.39 points, or 0.1 percent, to 6,216.53.

The athletic gear retailer Foot Locker plunged to its biggest loss in almost nine years. The company said some high-priced sneakers did not sell as well as it hoped. It plans to close at least 135 stores, up from 100. The stock dropped $13.32, or 27.9 percent, to $34.38 in heavy trading.

Hibbett Sports cut its annual forecasts and its stock fell 60 cents, or 5.2 percent, to $10.90. It is down 71 percent this year, and Foot Locker has fallen 52 percent. Companies that make athletic goods also lost ground, and Nike sank $2.51, or 4.4 percent, to $54.95.

Energy companies rose as benchmark United States crude oil jumped $1.42, or 3 percent, to $48.51 a barrel in New York. Brent crude, the international standard, added $1.69, or 3.3 percent, to $52.72 a barrel in London.

Stock indexes in Europe fell further after violence in Spain. On Thursday, a van plowed into pedestrians in Barcelona and killed 13 people. Later, a group of people used a car to hit tourists and locals at a seaside resort town, and one woman was killed. The Ibex in Spain 35 lost 0.6 percent, and the FTSE 100 index in Britain declined 0.9 percent. In France, the CAC 40 fell 0.6 percent, and the DAX in Germany closed down 0.1 percent.

Bond prices finished about where they started. The yield on the 10-year Treasury note remained at 2.19 percent.

Early on, gold rose to its highest price since before the presidential election in November, but it finished down 80 cents at $1,291.60 an ounce. Silver dipped 5 cents to $17 an ounce. Copper remained at $2.94 a pound.

The dollar fell to 109.26 yen from 109.67 yen. The euro rose to $1.1760 from $1.1742.

This Article Was Originally From *This Site*

Powered by WPeMatico