U.S. market indexes were flat on Friday. For the day, the Dow Jones Industrial Average closed at 18432.24 for a loss of -24.11 or -0.13%. The S&P 500 was higher, closing at 2173.60 for a gain of 3.54 points or 0.16%. The Nasdaq Composite closed higher at 5162.13 for a gain of 7.15 points or 0.14%. The VIX Volatility Index was lower at 11.99 for a loss of -0.73 points or -5.74%.
In the Dow Jones Industrial Average, stocks leading losses for the day included the following:
McDonald's (MCD, Financial) -1.48%
The Travelers Companies (TRV, Financial) -1.18%
Goldman Sachs (GS, Financial) -1.07%
American Express (AXP, Financial) -0.51%
For the week the Dow Jones Industrial Average was down 0.8%, the S&P 500 was down 0.1% and the Nasdaq Composite gained 1.2%.
Leading economic reports on the calendar for Friday included Consumer Sentiment, the Employment Cost Index and GDP. The University of Michigan’s Consumer Sentiment report showed the Consumer Sentiment Index at 90.0 for the month. Consumer sentiment was improved from the previous month’s 89.5, however, it was below consensus of 90.6. The Employment Cost Index increased 0.60%. The GDP report from the Bureau of Economic Analysis was the main focus for the day. The first estimate of GDP reported a growth rate of 1.2% SAAR. At 1.2%, GDP was improved from the previous quarter’s 0.8%. However, economists were projecting GDP growth of 2.6% for the quarter. The lower than expected GDP report is likely to have some affect on market valuations, however, the main driver recently has been positive earnings.
In a CNBC report Friday, market specialists discussed their insight on GDP and some of the current factors affecting market trading.
Disclosure: I do not own any stocks included in this article.
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