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This week, Wall Street digested a slew of mixed economic and earnings data. Commenting on this week’s performance, Bill Nichols, head of U.S. equities at Cantor Fitzgerald said, "A little pullback like this after such a big upside is to be expected.”
The joy of the long-weekend did not carry into the first day of trading for the week. The Dow dropped 190.48 points to finish at 18,041.54—bringing on the biggest one-day loss for the blue chips since April 30. Meanwhile, the S&P 500 index shed 21.86 points, or 1%, to end the day at 2,104.20. The Nasdaq Composite Index shed 56.61 points—1.1%, to 5,032.75. Both the Nasdaq and the Dow sustained their biggest loss since May 5.
Trading volumes on Tuesday were up from last week—when trading activity sank to its lowest levels of the year—to 6.3 billion shares, still below the year’s average. The downward shift comes as investors look wearily at U.S. Stock valuations.
No dividend earnings to report.
U.S. stocks rose Wednesday, as major benchmarks, led by technology, gained some ground one day after their biggest losses in weeks. The Nasdaq Composite rose to a new record close on Wednesday ending 73.84 points up—or 1.5%—at 5,106.59. The Nasdaq Composite is up 7.8% so far this year. The Dow Jones Industrial Average jumped 121.45 points, or 0.7%, to 18,162.99, rebounding from Tuesday’s 1% dip.
The S&P 500 added 19.28 points, or 0.9%, to 2,123.48.
Stocks slipped back on Thursday, just one day after the Nasdaq hit another record high.
The Dow Jones Industrial Average lost 36.87, or 0.2%, to 18,126.12. The S&P 500 declined 2.69, or 0.1%, to 2,120.79. The Nasdaq Composite Index lost 8.62, or 0.2%, to 5,097.98.
Dividend earnings of note are as follows:
On Friday, U.S. equities opened slightly lower after the second reading of U.S. GDP for the first quarter was announced; the Commerce Department said the economy shrank 0.7%, in comparison to the first reading of growing at just 0.2%.
Two dividend earnings were also announced on Friday:
The following economic data will also be reported: ISM Manufacturing on Monday, ADP Non-Farm and ISM Non-Manufacturing on Wednesday, and jobless claims on Thursday.
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