U.S. Stocks declined mainly due to disappointing second results by many companies and negative news from markets overseas. The bleak future outlook from some of the companies also led to selloff in the markets. The turmoil in the Chinese market was also noted as an issue by many stock market analysts.
Many companies performed better than Wall Street expectations including Google and Amazon. Investors were concerned about bleak outlook for future quarters by some of the companies.
During the past five weeks, S&P has ended in negative zone for four. On Friday, S&P declined by 22 points to end at 2,079. Dow Jones Industrial Average ended the day with 163 points decline at 17,568.
Technology stocks have managed to outshine other sectors. Nasdaq touched record high but the week ended lower.
Amazon surprised market experts with quarterly profit. The stock surged after the results were announced. Search engine major Google also exceeded investor expectations. The stock surged after Google's Ruth Porat announced that the company will achieve cost cutting targets.
For S&P 500, healthcare stocks faced the tough time during the week. Nine out of ten major sectors on S&P 500 ended lower during the week.
Gold prices also lost ground and have been hovering around multiple year lows. Gold ended the week at $ 1,085 per ounce while Silver remained almost flat at $ 14.48 per ounce.
Market analysts are not very confident about any pullback in the coming week.
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