The Dow Jones Industrial Average closed at 24,688.31 on Friday with a loss of -296.24 points or -1.19%. The S&P 500 closed at 2,658.69 for a loss of -46.88 points or -1.73%. The Nasdaq Composite closed at 7,167.21 for a loss of -151.12 points or -2.06%. The VIX Volatility Index was higher at 24.47 for a gain of 0.25 points or 1.03%.
Friday’s market movers
U.S. market indexes closed with losses Friday and were negative for the week. Over the past five days, the Dow Jones has a return of -3.4%, the S&P 500 is down -4.3% and the Nasdaq Composite is down -4.5%. Year to date, the S&P 500 is down -1.38%, the Dow Jones is down -0.55% and the Nasdaq Composite has a return of 2.29%.
Earnings reports failed to impress investors Friday and the gross domestic product report came in below its previous reading at a rate of 3.5%. Standard Motors Products (SMP, Financial) topped the list of earnings gainers while Semler Scientific (SMLR, Financial) led losses. Standard Motors beat earnings expectations by 1 cent and gained 14.62%. Semler Scientific beat earnings by 1 cent but reported a loss of -11.94%.
The major U.S. market indexes are all now in bear market territory with losses approaching -10% since mid-September’s peak. Since Sept. 10, the Nasdaq has a loss of -9.6%, the S&P 500 has a loss of -6% and the Dow Jones is down -4.5%.
Economic reports affecting market trading on Friday included the following:
- The Bureau of Economic Analysis reported third-quarter GDP. The seasonally adjusted annual growth rate for the third quarter was 3.5%, down from 4.2% but ahead of economists’ consensus etimate of 3.3%
- The University of Michigan’s Consumer Sentiment Index decreased to 98.6 from 100.1.
- The Baker Hughes North American rig count increased to 1,268 from 1,258.
In the Dow Jones Industrial Average, the following stocks led losses:
- Home Depot (HD, Financial) -3.76%
- Cisco (CSCO, Financial) -2.84%
- American Express (AXP, Financial) -2.22%
Small-cap stocks
In small-caps, the Russell 2000 closed at 1,483.82 for a loss of -16.58 points or -1.11%. The S&P 600 closed at 932.15 for a loss of -9.11 points or -0.97%. The Dow Jones Small-Cap Growth TSM Index closed at 9,228.18 for a loss of -104.24 points or -1.12%. The Dow Jones Small-Cap Value TSM Index closed at 9,320.41 for a loss of -102.88 points or -1.09%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,795.10 for a loss of -19.30 points or -1.06%; the S&P 100 at 1,189.06 for a loss of -22.05 points or -1.82%; the Russell 3000 at 1,565.94 for a loss of -26.27 points or -1.65%; the Russell 1000 at 1,468.66 for a loss of -25.29 points or -1.69%; the Wilshire 5000 at 27,427.14 for a loss of -470.32 points or -1.69%; and the Dow Jones U.S. Select Dividend Index at 673.34 for a loss of -11.15 points or -1.63%.
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