Investing.com - U.S. stocks finished Friday mixed to higher
after a volatile week marked by two sessions of heavy losses
stemming from growing expectations for the Federal Reserve to begin
scaling back stimulus programs in the coming months.
Stimulus programs tend to push up stocks as a side effect, and talk
of their dismantling can send equities prices dropping.
Trading volume was heavy.
At the close of U.S. trading, the Dow Jones Industrial Average
finished up 0.28%, the S&P 500 index ended up 0.27%, while the
Nasdaq Composite index fell 0.22%.
Stocks rose on Friday after a wild week marked by growing concerns
that the Federal Reserve will soon scale back stimulus measures.
On Thursday, the Federal Reserve Bank of Philadelphia said that its
manufacturing index rose to 12.5 in June from -5.2 in May, well
above expectations for a -2.0 reading.
A separate report showed that U.S. existing home sales climbed 4.2%
to 5.18 million units in May from April's total of 4.97 million,
far surpassing market calls for a 0.6% increase.
Federal Reserve stimulus tools such as a monthly USD85 billion
bond-buying program have pushed up stock prices in recent years,
and the end of such liquidity injections could prompt investors to
park their money elsewhere at least for a while, which fueled a
massive day of selling on Wall Street and elsewhere.
Investors returned on Friday, however, on sentiment that a Fed
decision to wind down stimulus measures would point to an
increasingly robust economy, which would be bullish for stock in
the long run.
Elsewhere, tech giant Oracle shares plunged 9% after missing sales
Leading Dow Jones Industrial Average performers included Procter
& Gamble, up 2.84%, Coca-Cola, up 1.58%, and Merck, up 1.53%.
The Dow Jones Industrial Average's worst performers included
Hewlett-Packard, down 2.27%, Bank of America, down 1.47%, and IBM,
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.43%,
France's CAC 40 fell 1.11%, while Germany's DAX 30 finished down
1.76%. Meanwhile, in the U.K. the FTSE 100 finished down 0.70%.
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