Wall Street's three major indexes rose slightly on Friday as Intel's w...
New York - Wall Street’s three major indexes rose slightly on Friday as Intel’s weak results put the techology sector under pressure and the energy index tumbled along with the price of oil and mixed first-quarter GDP data gave investors some pause.
“We’re not going to move significantly higher until we have clarity on the current earnings situation,” said Michael Geraghty market strategist at Cornerstone Capital in New York. “We had a pretty big beat on GDP today, but some underlying numbers are giving investors a pause on where they see future growth coming from given the consumer spending levels,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial.
Out of the S&P 500’s 11 major sectors, energy was the biggest percentage loser with a 1.7% drop as oil prices sank more than 3 percent after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. [O/R]The S&P’s heavy weight technology index was the biggest drag on the benchmark, with a 0.
Improving confidence in earnings had helped push the S&P 500 closer to its all-time high, reached in September. Stocks have rallied this year on hopes of a U.S.-China trade resolution and a turnaround in the Federal Reserve’s stance to abandon further interest rate hikes this year.Offering support was Amazon.com Inc, which rose 2.4% after the e-commerce giant’s quarterly profit doubled and beat Wall Street estimates though its second quarter guidance was lower than expectations.
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