On Friday, the 17th of May 2019, all three major indexes of Wall St. had wrapped up the day in a negative territory, as persisting trade worries had been pushing industrial and tech shares towards a wobbling trickle, meanwhile Dow posted a fourth straight week of losses on Friday (May 17th), its longest losing streak in more than three years.
After vying throughout the day to find a straight direction, all three key indexes had turned negative at late US trading hours following reveal of a CNBC report, saying that US-China trade negotiation had been stalled for an indefinite period of time.
Followed by the reveal of CNBC report battering investors’ sentiment, S&P 500 and Nasdaq Composite had failed to recover Monday’s (May 13th) steep sell-off, and both of the indices had suffered their second consecutive weekly declines.
Although, Friday (May 17th) had witnessed a stack of upbeat US economic data including University of Michigan’s consumer sentiment index that posted its highest reading in fifteen years, buoyant US economic data was largely overshadowed by simmering trade headlines.
Adding that it was not unusual for the market to weaken at the end of a week, President of Chase Investment Counsel in Charlottesville, Virginia, Peter Tuz said, “The possibility of something weird happening over the weekend leads people to take money off the table as the week comes to a close”.
Citing statistics, on Friday’s (May 17th) market wrap-up, Dow dwindled 0.38 percent to 25,764 and S&P 500 soured 0.58 percent to 2,589.53, while Nasdaq was nudged 1.04 percent lower to 7.816.29.