The Dow Jones Industrial Average closed at 25,989.30 on Friday with a loss of 201.92 points or -0.77%. The S&P 500 closed at 2,781.01 for a loss of 25.82 points or -0.92%. The Nasdaq Composite closed at 7,406.90 for a loss of 123.98 points or -1.65%. The VIX Volatility Index was higher at 17.35 for a gain of 0.63 points or 3.77%.
For the week, the Nasdaq gained 1%, the S&P 500 increased 1.9% and the Dow Jones gained 2.6%. Year to date, the S&P 500 has a gain of 3.2%, the Dow Jones has a gain of 4.7% and the Nasdaq has a return of 5.7%.
Friday’s market movers
U.S. market indexes closed lower Friday. A higher-than-expected inflation reading from the Producer Price Index and the continued planning by the Federal Reserve for more rate increases renewed risk-off trading worries and sent stocks lower. Oil prices also closed lower Friday, marking their tenth day of consecutive declines, pushing farther into bear market territory.
In the S&P 500, technology, materials, consumer discretionary and financials led losses. On the earnings calendar, Moneygram (MGI, Financial) led losses Friday with an earnings beat of 8 cents but a loss of 46%.
Economic reports affecting market trading included the following:
- The Producer Price Index reported an annual increase of 2.9% and a seasonally adjusted monthly increase of 0.6% in October. The annual increase was above the consensus estimate of 2.5%.
- The University of Michigan’s Consumer Sentiment Index decreased to 98.3 from 98.6.
- Wholesale inventories increased 0.4% in September following a 0.9% increase.
- The Baker Hughes North American rig count increased to 1,277 from 1,265.
In the Dow Jones Industrial Average, the following stocks led losses:
- Caterpillar (CAT, Financial) -3.23%
- Goldman Sachs (GS, Financial) -3.09%
- Cisco (CSCO, Financial) -2.54%
- Apple (AAPL, Financial) -1.95%
- Microsoft (MSFT, Financial) -1.85%
Small-cap stocks
In small-caps, the Russell 2000 closed at 1,550.90 for a loss of -27.31 points or -1.73%. The S&P 600 closed at 972.65 for a loss of -16.88 points or -1.71%. The Dow Jones Small-Cap Growth TSM Index closed at 9,642.25 for a loss of -174.71 points or -1.78%. The Dow Jones Small-Cap Value TSM Index closed at 9,756.45 for a loss of -100.83 points or -1.02%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,882.49 for a loss of -19.66 points or -1.03%; the S&P 100 at 1,237.44 for a loss of -11.64 points or -0.93%; the Russell 3000 at 1,637.21 for a loss of -16.66 points or -1.01%; the Russell 1000 at 1,535.64 for a loss of -14.63 points or -0.94%; the Wilshire 5000 at 28,668.16 for a loss of -294.40 points or -1.02%; and the Dow Jones U.S. Select Dividend Index at 701.35 for a loss of -4.69 points or -0.66%.
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