Markets

Close Update: Stocks Wilt on GDP Miss But Pull Off Positive Close for the Week

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Stocks traded fractionally lower Friday as underwhelming fourth quarter earnings coupled with disappointing fourth quarter economic growth weighed on Wall Street. All three benchmark averages, however, closed the week higher with the Dow Jones Industrial Average closing out the week nearly 100 points above the 20,000 milestone.

Markets were underwater most of the day largely due to a much lower-than-expected GDP growth rate of 1.9% and a decline in durable goods orders, both of which signaled a slower pace of economic growth at the end of 2016. The Dow and S&P 500 straddled the flat line for most of the day on losses in the financial and energy sectors, while the Nasdaq stayed positive on strength in the healthcare and technology sectors.

The blue chip index never broke below 20,000 but failed to gain any additional mileage and remained wedged in a razor-thin range for the majority of the day, but ending the week 1.3% higher.

The Nasdaq was up 1.9% from last Friday, while the S&P closed with a gain of 1.0%, but below 2,300.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 7.13 points (-0.04%)

S&P 500 was down 1.99 points (-0.09%)

Nasdaq Composite Index was up 5.61 points (+0.10%)

GLOBAL SENTIMENT

FTSE 100 was up 0.32%

Nikkei 225 was up 0.34%

Hang Seng Index was down 0.06%

Shanghai China Composite was Closed

UPSIDE MOVERS

(+) SGM (+28.74%) Acquired by Home Point Financial for $211 million

(+) WYNN (+7.94%) Q4 revenue jumps 37% from year ago, beats Wall Street estimates

(+) ESES (+1.32%) Executed one-year contract to expand operations into Oklahoma

DOWNSIDE MOVERS

(-) NOVN (-74.01%) Reported mixed results of two replicate phase 3 clinical trials for SB204

(-) ATHX (-26.32%) Priced public offering of 19 million shares at $1.01

(-) EEP (-17.64%) Predicts a decline in distributive cash flow to $750 million-$800 million from $860 million-$920 million

(-) WKHS (-10.95%) Announced underwritten public stock offering

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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