The slower trade in U.S. stocks continued the whole week and in consequence the S&P 500 declined 0.2 percent to 1,838.70 for the five-day period. The other indicator, the Dow Jones Industrial Average, however, gained a little bit when it saw a growth of 21.51 points which is 0.1 percent and closed at 16,458.56 for the week.
The strange situation has been observed by trade analysts according who whom the Standard & Poor’s 500 Index fell for the week, despite earlier reaching at an all-time high. These according market analysts happened as there were weaker-than-estimated earnings for some companies. The major affected companies have been Citigroup Inc. and CSX Corp.
Major Gainers and Losers in U.S. Stock Trades
Whereas Citigroup and CSX lost close to 4.4 percent after they received the data for quarterly results that showed that they missed the target, American Express Co. rallied 2.7 percent after the company declared that its fourth-quarter profit doubled. Another gainer was PNC Financial Services Group Inc. which climbed 4.4 percent to $82.26.
Similarly, whereas Visa Inc., the world’s biggest bank-card network was up by 5 percent at $232.18 for the largest advance in the Dow, there was no respite for Best Buy Co. The company sank 35 percent. The reason behind its fall is that the company failed to capitalize the sale.
On the other comparatively gloomy trading day, Beam (BEAM) Inc. maintained its profits and jumped 24 percent. The reason behind its growth was that Suntory Holdings Ltd. said it will acquire the spirits maker in a $16 billion deal. An interesting development this week has been that 28 companies in the S&P 500 declared quarterly earnings.
Asian and Indian Market
The week which saw the S&P 500 jumping to the record new heights on Jan. 15 when the World Bank said it is optimistic about the euro-zone helping the world economy expand 3.2 percent this year, also saw a fall to a great extent on Friday. The major booster also came from the data that showed that the U.S. retail sales rose in December.
Asian trade too has been on highs and lows the entire week where mostly it fell towards the end of the week. Stock market in India fell on Thursday and a similar pattern was seen in the regional stock market. The market seems concerned about the stimulus tapering from the U.S. Chinese manufacturing has slowed down to some extent.
To contact the reporter of this story: Jonathan Millet at email@example.com