Markets

Close Update: US Stocks Post Modest Advance Friday; Dow Weekly Winning Streak Ends

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Major market indexes closed higher, ending the week on a positive note in the face of some negative economic data on manufacturing and consumer sentiment that was released on Friday.

The Nasdaq Composite Index led the market's widely followed gauges higher, followed by the S&P 500. The energy and health care sectors were the biggest winners in the S&P 500.

For the week, the Dow Jones Industrial Average slipped 0.02%, ending its winning streak at nine weeks. The Nasdaq rose 0.9% and the S&P 500 rose 0.4%.

In economic news, the February Institute for Supply Management manufacturing index fell 2.4 points to 54.2, the lowest since late 2016, compared with expectations of a 55.0 reading. The final February Markit manufacturing Purchasing Managers' Index dropped to 53.0 compared with the 53.7 consensus.

Consumer sentiment rose 2.6 points to 93.8 in the University of Michigan survey, after falling 7.1 points to 91.2 in January, which marked a two-year low.

US MARKETS

Dow Jones Industrial Average was up 110.32 points (+0.43%)

S&P 500 was up 19.20 points (+0.69%)

Nasdaq Composite Index was up 62.82 points (+0.83%)

GLOBAL SENTIMENT

FTSE 100 was up 0.45% to 7,106.73

Hang Seng Index was up 0.63% to 28,812.17

Shanghai China Composite Index was up 1.8% to 2,994.01

UPSIDE MOVERS

(+) PBYI (+39.99%) Reported better-than-expected Q4 results

(+) FTCH (+17.63%) Beat Q4 EPS and revenue estimates

(+) GPS (+16.18%) Announced plans to spin off Old Navy brand

DOWNSIDE MOVERS:

(-) IMGN (-46.82%) Ovarian cancer drug missed primary endpoint

(-) XON (-36.51%) Reported disappointing Q4 results

(-) NTNX (-32.72%) Q2 results beat expectations but issued downbeat Q3 guidance

(-) MRSN (-14.52%) Priced $85 million public offering at $4 per share

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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