On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
S&P and Dow demonstrate record maximums
On Friday, the S&P 500 along with the Dow demonstrated record maximums for the second straight day. Besides this, the tech-heavy Nasdaq went down, mostly because of Wall Street's sector reshuffling as well as quadruple witching expirations.
As a matter of fact, Telecoms major AT&T was braced for forming the cornerstone of a fresh powerhouse communications services niche that would also accommodate Google, Alphabet, Facebook, and Twitter.
Moreover, AT&T rallied by up to 1.8%, thus pushing the S&P telecommunications sector up by approximately 1.42%. The equities of Verizon edged up by 1.1%, while CenturyLink jumped by 1.6%.
8 of the 11 major S&P sectors turned out to be higher, while the telecommunications sector became the top performer.
The Nasdaq slumped, Amazon and Apple lost respectively 0.7% and 0.3%.
The Dow Jones Industrial Average managed to acquire 0.29% being worth 26,733.87. At the same time the S&P 500 added by 0.13% hitting 2,934.66.
McDonald's 2% jump raised the consumer discretionary sector after the company concluded the trading week with strikes across the country. The strikes were caused by sexual harassment by lifting its quarterly dividend by nearly 15%.
A 3% sag in the equities of Micron brought chipmakers down after the Idaho-based company told that American levies on China’s products would affect its financial outcomes for as much as a year.
Since Tuesday's recent blows in the conflict with China, trade fears have moved into the background, thus allowing the resumption of a soar, dating back a decade.
Advancing issues managed to outclass losers by a 1.27-to-1 ratio on the NYSE. Decreasing issues outperformed top performers for a 1.18-to-1 ratio on the Nasdaq.
As for the S&P index, it recorded 53 fresh 52-week maximums without new minimums, while the Nasdaq posted neither new maximums not new minimums.
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