Week Concludes With S&P 500 Below 2,000; Dow Below 17,000
The S&P 500 finished the week below 2,000 points while the Dow was unable to hold 17,000 points. Volume was notably higher during Friday's session following weeks of light trading activity.
- The Dow Jones Industrial Average gave up 61 points, or 0.36 percent, to 16,988.
- The S&P 500 lost 12 points, or 0.60 percent, to 1,986.
- The Nasdaq Composite dropped 24 points, or 0.53 percent, to close at 4,568.
Retail sales for the month of August were inline with analyst estimates at 0.6 percent growth month over month. TD Ameritrade’s JJ Kinahan commented, “What matters here is quality -- where are people spending their money? If higher-end retailers are solid, that means consumers are willing to spend more, which is a positive signal for the economy and for the market." Some of the largest growth areas were for big ticket items.
Shares of ULTA Salon, Cosmetics & Fragrance (NASDAQ: ULTA) got a boost, shooting up 17.9 percent to $114.89 after the company reported upbeat second-quarter results and raised its outlook. The company also unveiled a five-year plan for impressive growth.
Sportsman's Warehouse Holdings (NASDAQ: SPWH) shares were also up, gaining 15.2 percent to $6.96 after the company reported stronger than expected fiscal second quarter results.
Shares of Ruckus Wireless (NYSE: RKUS) were down 4.4 percent to $14.46. Buckingham Research downgraded Ruckus Wireless from Buy to Neutral and raised the price target from $15.00 to $16.00.
Health Care REIT (NYSE: HCN) shares tumbled 4.87 percent to $63.25 after the company priced 15.5 million shares of common stock at $63.75 per share.
Amarin Corporation plc (NASDAQ: AMRN) was down, falling 17.7 percent to $1.49 following an update on ANCHOR trial SPA deal rescission appeal.
Gold futures continued to sell off Friday, breaking below what some thought was support around $1,240. The contracts were last down 0.6 percent to $1,231.20.
Crude oil is sitting on support just above $92. Despite a few strong sessions, the commodity ended the week negative on Friday’s 0.7 percent sell off.
After a strong week, the U.S. dollar gave up some ground Friday. The PowerShares DB U.S. Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, dropped 0.1 percent to $22.43. The 52-week high is $22.49.
The closely watched EUR/USD pair may have put in a bottom after racing to a year low. The couple jumped 0.21 percent Friday.
Asian markets were mostly higher Friday, rebounding from Thursday’s drop. The Shanghai index rose 0.9 percent while Hong Kong’s Hang Seng dropped 0.3 percent. Japan’s Nikkei rose 0.3 percent for the session.
Europe finished trade mostly flat. The Euro Stoxx index, which tracks 50 eurozone blue chips, fell 0.1 percent percent. London’s FTSE rose 0.1 percent and France’s CAC was flat.
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