S&P 500 changes little, ends in the red for the fourth week in a row

S&P 500 changes little, ends in the red for the fourth week in a row

S&P 500 changes slightly, ends in the red for the fourth week in a row

(Reuters) – The US S&P 500 and Dow Jones are weak on Friday but may extend their longest streak of declines in a year amid concerns over the outlook for economic recovery.

The S&P 500 may close in the red for the fourth straight week, which has not been seen since August 2019. The indicator is one step away from the beginning of the correction phase.

Five of the 11 major industry sub-indices in the S&P 500 fall early in trading. The energy sector is down 0.7% and could be one of its worst week since the March collapse.

Meanwhile, the real estate sector is a growth leader.

“There is evidence of a slowdown in the US, which we believe is temporary, but it could intensify without additional fiscal stimulus measures,” said Sebastian Gali of Nordea Asset Management.

By 17:32 Moscow time, the Dow Jones index fell by 0.03% to 26.807.71 points, the S&P 500 index added 0.1% to 3.249.82 points.

Meanwhile, the Nasdaq rose 0.6% to 10,736.64 on a 1% rise in Apple Inc (NASDAQ: AAPL).

Shares of other largest American companies by capitalization, Amazon.com Inc (NASDAQ: AMZN) and Microsoft Corp (NASDAQ: MSFT), are also moderately gaining in price.

The manufacturing sector rose 0.2% in the S&P 500 on data that US durable goods orders rose stronger than expected in August.

Retailer Costco Wholesale Corp (NASDAQ: COST) dropped 3.1% after the company reported high spending on the coronavirus.

Boeing Co (NYSE: BA) rallied 2.5% after the top European aviation safety regulator said the Boeing 737 MAX could receive regulatory approval in November and resume flights by the end of the year.

(Devik Jain in Bangalore. Translated by Vladimir Sadykov. Editor Marina Bobrova)

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