PT Equityworld - US stocks closed mixed in late trading early Saturday (28/01) after the start of the fourth quarter US GDP decline than expected, but managed to record a weekly gain of about 1 percent.
The Dow Jones Industrial Average slipped 10 points but holds above 20,000, with shares of Chevron and Goldman Sachs contributed most in the loss. Chevron shares fell after the company reported disappointing quarterly results. Energy Select Sector SPDR Fund ETF (XLE) fell 1 percent. Also weighing on energy stocks falling oil prices, with the WTI fell 1.13 percent to settle at $ 53.17 per barrel. The S & P 500 slipped 0.1 percent, with real estate and energy stocks fell the highest. While the Nasdaq composite index closed 0.1 percent higher. US economic growth slowed more than expected in the fourth quarter with a plunge in soybean shipments weigh on exports, but stable consumer spending and increased business investment suggest the economy will continue to grow. Gross domestic product increased at an annual rate of 1.9 percent, the Commerce Department said on Friday, as a first estimate of fourth-quarter GDP. It was a sharp slowdown from the 3.5 percent growth rate in the third quarter. Other economic data were reported Friday, including durable goods orders, which fell 0.4 percent in December, and consumer sentiment for January, which rose to 98.5, above estimates of 98.1. The stock market has rallied sharply since the election victory of President Donald Trump on November 8, as the prospect of higher fiscal spending, tax cuts and deregulation growing company. ( also read Gold Prices Rise Thin after the stock market and US Treasury yields turned lower | PT Equityworld )
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