- Stocks finished mixed on Friday as the Dow Jones industrial average rose for the eighth day in a row.
- The S&P 500 index was relatively flat as gains in materials, financials, and energy stocks were offset by losses in real estate, utilities, and technology.
- Goldman Sachs hit Apple with the lowest price target of any major shop on Wall Street, issuing a warning that Apple TV Plus will into iPhone profits. Apple published a statement shortly after refuting the claim.
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Stocks finished mixed on Friday as the Dow Jones industrial average posted gains for the eighth straight day.
The S&P 500 index was down slightly as gains in materials, financials, and energy stocks were offset by losses in real estate, consumer staples, and technology.
Shares of Apple dropped about 2%, dragging technology stocks and the Nasdaq Composite lower. The shares fell after Goldman Sach slapped the company with the lowest price rating of any major firm on Wall Street, citing concerns Apple TV Plus might cut into iPhone profits.
Positive sentiment around developments in the US-China trade war on Thursday appeared to carry gains in the Dow on Friday.
Both the US and China agreed to either delay or exempt some tariffs set to take effect in the coming months. The exchange was seen as an effort from both sides to ease tensions, which sparked hope a trade resolution could come in the coming weeks.
Here’s a look at the major indexes as of the 4 p.m. close on Friday:
- The S&P 500 fell 0.07%, to 3,007.39.
- The Dow Jones Industrial Average climbed 0.14%, to 27,219.52.
- The Nasdaq Composite slid 0.22%, to 8,176.71.
Shares of Cloudflare skyrocketed 20% after the company raised $US525 million in the company’s initial public offering. Cloudflare sold 35 million shares at $US15 apiece, slightly higher than its advertised range of $US12 to $US14.
WeWork announced it plans to list on the Nasdaq composite when it goes public sometime this year. The company also released new corporate governance measures to curb Chief Executive Officer Adam Neumann’s power “in response to market feedback.”
Within the S&P 500, these were the largest gainers:
And the largest decliners:
The London Stock Exchange’s board unanimously rejected the Hong Stock Exchange’s bid on Friday saying its $US27 billion purchase of data-provider Refinitiv is “on track.” The HKEK announced a $US37 billion bid for the London-based exchange earlier this week.
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