Wall Street ends in the red after a volatile session

Photo credit © Reuters

by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended slightly lower on Friday, after a tumultuous week in which Treasury yields reached their highest level in 16 years following announcements from the US Federal Reserve (Fed).

The Dow Jones index fell -0.31%, or 106.58 points, to 33,963.84 points.

The broader S&P-500 lost 9.94 points, or -0.23%, to 4,320.06 points.

The Nasdaq Composite fell 12.18 points (-0.09%) to 13,211.81 points.

Wall Street’s three main indexes, which posted weekly losses, moved up and down for most of the session.

“The Fed’s announcements were met with overly optimistic investors this week,” said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte, North Carolina.

He said although investors “want a change in (rate policy), (Fed Governor Jerome) Powell has made it very clear that the Fed doesn’t think we’re there yet.”

The yield on ten-year U.S. Treasuries fell after hitting a 16-year high as investors turned their attention to economic data.

In values, Ford Motor moved forward after the American auto workers union, the UAW, reported progress in discussions with the manufacturer.

Activision Blizzard took advantage of announcements from the British competition authority, the CMA, which declared that the remedy proposed by the Redmond group “opened the door” to a green light for the proposed takeover of the publisher of “Call of Duty.”

Wall Street-listed Chinese companies PDD Holdings, JD.com, Li Auto and Baidu rose, supported by hopes of an economic recovery in China.

Alibaba jumped after reports emerged that its logistics arm Cainiao plans to file for an IPO in Hong Kong as early as next week.

(With the contribution of Ankika Biswas and Shristi Achar A; French version Camille Raynaud)


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