Wall Street Closes Week 4 Lower

Wall Street Closes Week 4 Lower

Wall Street Closes Week 4 Lower

Investing.com – US equities decline again on Friday, falling for the fourth straight week.

By 09:35 am ET (13:35 GMT), the Dow Jones Industrial Average fell 95 points, or 0.4%, to 26,721. The S&P 500 (NYSE: SPY) fell 0.3% while the Nasdaq Composite fell just 0.1%.

The only significant economic data that day heightened the worries, with sales of major durables rising just 0.4% in August, a clear slowdown from the summer months, when they rebounded vigorously from the first wave of the pandemic.

“Economic data in the US continues to deteriorate. This means that there is a great need for incentives, according to Naim Aslam, chief market analyst at Avatrade. “In the absence of these, the sell-off in the stock market is likely to be intense.”

The leader was electric truck maker Nikola Corp (NASDAQ: NKLA), which rose 7.0%, while Tesla Inc (NASDAQ: TSLA) gained 3.0% at the end of the week, during which there was an active sell-off in both companies.

Costco Wholesale (NASDAQ: COST) fell 2.5% despite post-close Thursday earnings that were higher than expected. The self-service wholesale store said Thursday that it noticed signs that shoppers are starting to stock up again.

Novavax (NASDAQ: NVAX) jumped 8.8% after it began the final, third phase of trials of its experimental COVID-19 drug in the UK.

In the over-the-counter markets, UK bookmaker William Hill (LON: WMH) rallied more than 30% after news that Apollo Global Management LLC Class A (NYSE: APO) and Caesars Entertainment Corporation (NASDAQ: CZR) approached it via on the buyback of shares. William Hill and Caesars have already announced a major strategic partnership to leverage the gradual liberalization of the US gambling business.

Boeing (NYSE: BA) shares surged 2.5% after the top European aviation safety regulator said the 737 MAX aircraft in hangars could receive regulatory clearance to resume flights in November and be brought back into service by the end of the year. However, the news came too late for one of Boeing's private parts suppliers, Impresa Aerospace, which filed for Chapter 11 bankruptcy on Thursday.

By Jeffrey Smith

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