Author Topic: S&P 500 Index Movements  (Read 49562 times)

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Re: S&P 500 Index Movements
« Reply #1708 on: August 05, 2017, 03:49:17 PM »




The S&P 500 just did something it hasn’t done since 2007
Rebecca Ungarino   | @ungarino
14 Hours Ago
CNBC.com
 The S&P 500 just did something it hasn’t done in 7 years   The S&P 500 just did something it hasn’t done in 7 years 
Thursday, 3 Aug 2017 | 4:04 PM ET | 03:44
The S&P 500 is on pace for its 72nd straight trading session without a gain of 1 percent or more — its longest such streak since early 2007.

The implications of this kind of historical market calm that's been the subject of much debate across Wall Street this year are concerning to some strategists who believe low volatility (while the market grinds to all-time highs) is the so-called calm before the storm.

The last time the S&P posted a gain larger than 1 percent in a single trading session was on April 24, with a gain of 1.08 percent.

This relative market quiet "definitely" concerns Mark Tepper, founder and president at Strategic Wealth Partners.

"The fact that the VIX is near all-time lows, the fact that volatility is so low ... that is really signaling a lot of investor complacency, and that is typically a contrarian indicator. We saw similar levels in the VIX back in 2006, and we all know what happened in 2007," Tepper said Thursday on CNBC's "Trading Nation."

In 2006, the CBOE volatility index vacillated between the low 10's and at one point 23, in mid-June, before quickly falling. The stock market was similarly going stretches of time that year without daily gains and declines greater than 1 percent.

"The market right now seems to be priced for perfection, and it's not pricing in a lot of those big geopolitical risks ... so we are a little bit concerned," Tepper said, adding that despite this concern his firm is indeed overweight equities and will continue such an overweight position in equities for at least another year or so. But he would expect volatility in the market to pick up over the course of the next year and will then reduce exposure at that time.

But, Tepper said, he would expect volatility in the market to pick up over the course of the next year and will then reduce exposure at that time.

In a note to clients last week that was widely speculated to have sparked a midday sell-off, prominent JPMorgan quantitative and derivatives strategist Marko Kolanovic wrote that low volatility ought to give "pause to equity managers."

Furthermore, he recommended that investors hedge their portfolios to prepare for a market decline.

To Matt Maley, equity strategist at Miller Tabak, volatility will likely return to the market, and though he is somewhat concerned with low levels of implied volatility in the VIX, his anxiety is more muted than others.

"Whenever we see a trend take place for an extended period of time, especially a trend that goes against what the historical trend has been for many decades, people like to say, 'Well, everything's changed,'" Maley said Thursday on "Trading Nation."

"We saw it in 1928, when people were talking about how we were going to stay at never-ending high levels. We saw it in the late 1990s, when they said that we were in a new economy and that the tech stocks were going to go up forever. Now we're talking about … ETFs and how that is going to make sure that volatility stays low forever."

But it is more likely than not that volatility will return to the market, Maley said, and investors ought not to be complacent.

"I get very nervous when people say, 'Oh, geez, the volatility is gone. It's going to be gone forever, so everybody just sit back and relax.' It will come back. It always does, and I think it always will."

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Re: S&P 500 Index Movements
« Reply #1709 on: August 07, 2017, 06:15:31 PM »




A 'meaningful' market correction is close, says widely followed strategist
Bank of America Merrill Lynch chief investment strategist Michael Hartnett said the market could be heading to a significant correction this fall.
Hartnett said his firm's Bull and Bear indicator is close to a euphoric level that would trigger a sell signal, but he said it's not time to move out of risk assets just yet.
The strategist says it won't be "your average correction. It's going to be something a little more meaningful."
Patti Domm   | @pattidomm
Friday, 4 Aug 2017 | 2:47 PM ET
CNBC.com
    Canaccord Genuity's Tony Dwyer: The correction has already begun 
Thursday, 3 Aug 2017 | 12:00 PM ET | 05:09
Widely followed strategist Michael Hartnett can imagine pushing the sell button sometime soon.

"I personally think there's still some more upside, but I think there will be a moment and quite a significant moment, probably in October or November, but it could be September, when the markets are going to correct and correct quite meaningfully," said Hartnett, Bank of America Merrill Lynch's chief investment strategist.

Hartnett said his call for an "Icarus"-like runup in stocks this year and then a letdown appears ready to play out, based on action in his firm's Bull and Bear sentiment indicator. The indicator has crept to 7.6, close to the euphoric level of 8 [out of 10], that triggers a sell signal for risk assets. The indicator hit the sell signal 11 times since 2002, and it last signaled 'buy' when it went to zero in February 2016, the end of the last correction of more than 10 percent in the S&P 500.

Like the mythological figure Icarus, the S&P could fly too high and get scorched, if Hartnett's forecast plays out.

"It won't be your average correction. It's going to be something a little more meaningful. It will depend on a lot of factors," he said. Hartnett also said he does not see the end of the bull market, as a new bear market would not begin without a recession or some other major event. BofA's U.S. equities team has a target of 2,450 for year-end for the S&P 500, just below current levels.

"The call is it's a lot of risk assets will get caught up," said Hartnett. "High yield, emerging market debt and equities, those would be the three asset classes that would be most likely to come under pressure," Hartnett said.

As for U.S. stocks, since February 2016, there have been two shallow pullbacks in the S&P —around 5 percent before last November's election and about 6 percent around the June 2016 Brexit vote.

Hartnett said he doesn't have a specific target on the correction yet, but he feels investors are becoming too complacent about the current move to daily highs lasting through the end of the year.

"I feel now just the dovishness of the ECB and Fed of late and perhaps the move in the dollar, perhaps the decent economic data … the pushback is people have gone back to Goldilocks rather than Humpty Dumpty. Nobody believes in our Icarus theory. Now the market's gone up, and people are thinking maybe the Goldilocks is going to hang around a bit," he said.

The strategist says he's not recommending a move out of risk assets yet but he's keeping an eye on the Bull and Bear indicator.

"The Bull and Bear is a pretty good, strong reliable positioning indicator. It's pretty close to as good as it gets, but we do need to see flows to high yield pickup. We do need to see flows into emerging markets, both equities and debt, continue to be strong. And another key indicator is the cash level, which you recall in the fund managers' survey has been coming down a little, but it needs to come down a little further," he said. The indicator has 18 components, including information on flows, positioning and technical indicators. It also uses data from BofA's monthly global fund managers' survey.

The indicator has 18 components, including information on flows, positioning and technical indicators. It also uses data from BofA's monthly global fund managers' survey.

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Re: S&P 500 Index Movements
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Re: S&P 500 Index Movements
« Reply #1714 on: August 09, 2017, 10:52:19 AM »




Two of three pillars holding up the bull market are crumbling
Bank of America Merrill Lynch strategists say tighter central bank policy and lowered earnings growth ahead will be obstacles to big market gains.
In that environment, the firm recommends high-quality bonds, cash and bank stocks.
BofAML is keeping its full-year 2,450 price target on the S&P 500, a modest decline from the current level.
Jeff Cox   | @JeffCoxCNBCcom
10 Hours Ago
CNBC.com
 Traders work on the floor of the New York Stock Exchange.   Now's the time to take a little bit of risk off: BoA's Savita Subramanian 
Thursday, 3 Aug 2017 | 10:05 AM ET | 03:15
Bank of America Merrill Lynch strategists are expressing an increasingly common sentiment on Wall Street — still on board the stock market train but increasingly skeptical about what's fueling the run.

In that environment, BofAML recommends high-quality bonds and financial stocks as outperformers.

"Investors may be well served by locking in some profits in U.S. stocks," BofAML said in a note.

The firm told clients this week that of the three pillars holding up the most recent leg of the eight-year bull market, two are wobbling. Only low bond yields, which are barely above the dividend yield of the S&P 500, are still in place.

The other two — accommodative central bank policies and earnings growth — are fading.

The former is obvious, with the U.S. Federal Reserve and its global counterparts slowly reversing the ultra-low interest rates and ultra-high liquidity programs they had put in place after the financial crisis.

But the latter is less apparent, particularly considering corporate America is in the middle of another solid earnings season.

BofAML strategists see cracks in the profit picture. Gains ahead are projected to slow, with equity and quant strategist Savita Subramanian expecting S&P 500 bottom-line growth to decelerate to 8 percent in 2017 and 5 percent in 2018.

A person takes a photograph of the New York Stock Exchange.
Victor J. Blue | Bloomberg | Getty Images
A person takes a photograph of the New York Stock Exchange.
Perhaps more important but less visible is that companies that have beaten earnings expectations for the second quarter, in an aggregate sense, have not been rewarded with higher share prices. That's the first time that has happened since the second quarter of 2000, around the time the tech bubble was bursting.

"This could be a warning sign that equity market expectations and positioning more than reflect the good results," BofAML said in a note.

Indeed, investors this year have been building positions in stocks, and the trend is showing no signs of reversing. Stock-focused ETFs have taken in $261.1 billion this year, representing 10.2 percent growth in assets, thanks in part to eight straight weeks of inflows.

For its own part, BofAML is not bearish on the market but is wary of expecting many more gains in a year when the S&P 500 has defied expectations and risen nearly 11 percent. The firm's full-year price target for the index is 2,450, which would represent a modest pullback from the current level.

BofAML currently has a 56 percent allocation to stocks.

On the bright side, BofAML still sees the TINA — there is no alternative — trade alive. Bonds don't offer a particularly attractive alternative, with the benchmark 10-year note yielding shy of 2.3 percent while the S&P 500 dividend yield sits at 1.91 percent.

However, that hasn't stopped investors from jumping into bond funds, which have seen inflows of $236.5 billion this year, or a 5.9 percent increase in assets.

"Although we are getting more cautious on equity markets, we note that some of the best returns come at the end of a bull market, which makes the case for maintaining some presence in the market," BofAML said.

The firm has raised its cash allocation. In addition, it believes a reversing trend in the bond market will lead to high-quality corporates and munis doing better in the second half, while rising interest rates will benefit financial stocks.

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Re: S&P 500 Index Movements
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Thursday, 10 August 2017 | MYT 6:42 AM
S&P closes barely lower despite North Korea tensions
image: http://www.thestar.com.my/~/media/online/2017/06/26/00/10/us-stocks.ashx/?w=620&h=413&crop=1&hash=7657F83DE11022688F4DFC8B03A271C33901C211
The Dow Jones Industrial Average fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite dropped 18.13 points, or 0.28 percent, to 6,352.33
The Dow Jones Industrial Average fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite dropped 18.13 points, or 0.28 percent, to 6,352.33
 
NEW YORK: U.S. stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of U.S. President Donald Trump's "fire and fury" warning to North Korea.

Bargain-seeking investors instead turned their focus to strength in the global economy and earnings toward the end of an active trading day.

"It's amazing when you consider the headlines just how calm the equity markets are, how they've taken things in their stride," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

"There was some skittishness earlier but then some buyers stepped in," he said.

Investors had rushed to safe-haven assets after strongly worded exchanges between Washington and nuclear-armed North Korea late on Tuesday. U.S. Secretary of State Rex Tillerson said he did not believe there was an imminent threat.

"You'd need to see something more tangible than just rhetoric for a broader pullback," said Richard Steinberg, managing director at HSW Advisors, a finance team within HighTower Advisors, in New York.

After a dip of as much as 0.52 percent earlier in the day, Wall Street's three major indexes bounced off intraday lows.

The Dow Jones Industrial Average fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite dropped 18.13 points, or 0.28 percent, to 6,352.33.

While gold <XAU=>, a safe-haven favorite, pared some gains, it was last up 1.2 percent, at around its highest since mid-June. The Swiss franc <CHF=> and the Japanese yen <JPY=> also rose.

Politics lifted U.S. defense stocks. Lockheed Martin <LMT.N>, Raytheon <RTN.N>, General Dynamics <GD.N> and Northrop Grumman <NOC.N> all rose and the Dow Jones U.S. defense index <.DJUSDN> was up 1.6 percent after hitting a record high.

The CBOE Volatility Index <.VIX>, the most widely followed barometer of expected near-term stock market volatility, ended at a session low of 11.11 after rising as high as 12.63.

Six of the S&P 500 sectors ended higher. The consumer discretionary index <.SPLRCD> was one of its biggest losers with a 0.47 percent drop. Its biggest drags were Priceline <PCLN.O> and Walt Disney <DIS.N>.

Disney shares closed down 3.9 percent as investors were skeptical of its plan to launch streaming services rather than rely on Netflix <NFLX.O>.

Travel website operator Priceline Group Inc <PCLN.O> fell 6.9 percent after a disappointing financial forecast.

After the bell, Twenty-First Century Fox <FOXA.O> shares were up 0.7 percent following the release of its results.

Declining issues outnumbered advancing ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.47-to-1 ratio favored decliners.

About 6.48 billion shares changed hands on U.S. exchanges on Wednesday compared with the 6.16 billion average for the last 20 sessions.

Reuters alo reported that The pan-European FTSEurofirst 300 index <.FTEU3> lost 0.75 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> shed 0.33 percent.

Emerging market stocks lost 0.89 percent. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.57 percent lower, while Japan's Nikkei <.N225> percent.

FRANC RALLY

Traditional safe-haven currencies including the Swiss franc and Japanese yen rose against the U.S. dollar.

"Obviously we are looking at the increased tensions between the U.S. and North Korea," said Brad Bechtel, managing director FX at Jefferies in New York. "Tensions are still high and not going away at the moment. Safe-havens are bid and markets are a little uneasy."

South Korea's won <KRW=KFTC> dropped 0.9 percent against the U.S. dollar to its lowest close since July 13.

The Swiss franc rose 0.01 percent versus the greenback, the most since late June, at 0.96 per dollar.

The dollar index <.DXY> fell 0.14 percent, with the euro <EUR=> unchanged at $1.1757.

The Japanese yen strengthened 0.08 percent versus the greenback at 110.00 per dollar. Japan is the world's biggest creditor country and there is an assumption that investors there will repatriate funds in a crisis.

Sterling <GBP=> was last trading at $1.3006, up 0.02 percent on the day.

The Swiss franc was on track for its biggest daily gain against the euro since the Swiss National Bank removed its cap on the currency in January 2015. It was last up 0.0 percent at 1.1329 per euro <EURCHF=>.

Yields on core government debt fell.

Benchmark U.S. 10-year notes <US10YT=RR> rose 9/32 in price to yield 2.2494 percent, from 2.282 percent late on Tuesday.

The 30-year Treasury bond <US30YT=RR> rose 27/32 in price to yield 2.8252 percent, from 2.867 percent late on Tuesday.

"The most visible impact of escalating verbal threats between North Korea and President Trump comes at the long end of the U.S. Treasury curve," said Jim Vogel, interest rates strategist at FTN Financial in Memphis.

Oil prices rose after a report showed U.S. refineries processed record amounts of crude in the latest week, eating into inventories.

U.S. crude <CLcv1> rose 1.08 percent to $49.70 per barrel and Brent <LCOcv1> was last at $52.78, up 1.23 percent on the day.

Gold hit its highest level in almost two months after Trump added to the geopolitical anxiety by boasting of the strength of the U.S. nuclear arsenal.

Spot gold <XAU=> added 1.3 percent to $1,277.15 an ounce. U.S. gold futures <GCcv1> gained 1.63 percent to $1,283.20 an ounce.

Copper <CMCU3> lost 0.39 percent to $6,455.00 a tonne. - Reuters- Reuters

TAGS / KEYWORDS:
Stocks , Earnings , Markets

Read more at http://www.thestar.com.my/business/business-news/2017/08/10/sp-closes-barely-lower-despite-north-korea-tensions/#Lr7iodEb7OrOySL2.99

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Re: S&P 500 Index Movements
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Re: S&P 500 Index Movements
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US Stocks
S&P falls 1.4 pct in safety flight on N. Korea tensions
Reuters
/
Reuters

August 11, 2017 06:18 am MYT
-A+A
NEW YORK (Aug 11): The S&P 500 index had its biggest one-day drop in almost three months on Thursday as investors fled riskier assets, with technology stocks leading the charge, in response to an increasingly aggressive exchange of threats between the United States and North Korea.

U.S. equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough. He also said the nuclear-armed nation should be "very, very nervous" if it even thinks about attacking the United States or its allies.

Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam.

Investors have been jittery about North Korea since Tuesday when Trump said any threats from Pyongyang would be "met with fire and fury like the world has never seen."

The S&P's record close on Aug. 7 likely helped fuel its latest sell-off.

"When investors are optimistic to the extreme, it means that most of their money is already in the market and there's no more money coming in," Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida.

The Dow Jones Industrial Average closed down 204.69 points, or 0.93 percent, at 21,844.01, the S&P 500 lost 35.81 points, or 1.45 percent, to end the session at 2,438.21 and the Nasdaq Composite fell 135.46 points, or 2.13 percent, to 6,216.87.

The last time the S&P closed down more than 1 percent was May 17 when it fell 1.8 percent. It is now on track for its biggest weekly drop since the week before the Nov. 8 U.S. presidential election.

The technology sector was the S&P's biggest drag with a 2.2 percent drop. It has been the leading S&P gainer so far this year, making it particularly vulnerable to a decline.

"Since these are the stocks that have been in the spotlight the most, they tend to have the most volatility upwards and downwards," said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida.

Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen rose.

The utilities index, often seen as a bond proxy because of its companies' slow reliable growth and high dividends, was the only S&P sector that ended the day up, showing a 0.25 percent gain.

The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the election.

Macy's shares closed down 10.2 percent and Kohl's fell almost 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners.

About 7.5 billion shares changed hands on U.S. exchanges, well above the 6.25 billion average for the last 20 days. - Reuters

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Business NewsHome > Business > Business News
Thursday, 17 August 2017 | MYT 6:28 AM
Wall Street ends up but off highs after Trump announcement, Fed minutes
image: http://www.thestar.com.my/~/media/online/2017/06/26/00/10/us-stocks.ashx/?w=620&h=413&crop=1&hash=7657F83DE11022688F4DFC8B03A271C33901C211
The Dow Jones Industrial Average rose 25.88 points, or 0.12 percent, to end at 22,024.87, the S&P 500 gained 3.5 points, or 0.14 percent, to 2,468.11 and the Nasdaq Composite added 12.10 points, or 0.19 percent, to 6,345.11.
The Dow Jones Industrial Average rose 25.88 points, or 0.12 percent, to end at 22,024.87, the S&P 500 gained 3.5 points, or 0.14 percent, to 2,468.11 and the Nasdaq Composite added 12.10 points, or 0.19 percent, to 6,345.11.
 
NEW YORK: U.S. stocks ended slightly firmer on Wednesday but off the day's highs as worries mounted over President Donald Trump's agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation.

Indexes lost some ground following Trump's disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia.

Wall Street stayed volatile following the release of the last Federal Reserve meeting's minutes, which showed policymakers appeared increasingly wary about recent weak inflation. Some called for a halt to further interest rate hikes until it was clear the trend was transitory.

"The reaction to the statement was mixed. Investors are worried inflation is not hitting the Fed's target and that the Fed may be tightening too early," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


At the same time, that could push out the next rate increase, which would be supportive to stocks, he said.

Investors have been watching a slide in inflation readings in recent months, which remain below the Fed's 2 percent target.

Fed policymakers unanimously decided to keep interest rates unchanged at their July 25-26 meeting.

The S&P materials index <.SPLRCM> rose the most of any sector, gaining 0.9 percent, following gains in copper <CMCU3> and other metals.

The Dow Jones Industrial Average rose 25.88 points, or 0.12 percent, to end at 22,024.87, the S&P 500 gained 3.5 points, or 0.14 percent, to 2,468.11 and the Nasdaq Composite added 12.10 points, or 0.19 percent, to 6,345.11.

Trump announced the break-up of the advisory councils after 3M Co's <MMM.N> Inge Thulin became the latest of several chief executives to leave Trump's American Manufacturing Council, and the president's Strategic and Policy Forum broke up of its own will.

"That throws a little bit more doubt into the president's abilities to push his policies through," said David Schiegoleit, managing director of investments at U.S. Bank Private Wealth Management in Newport Beach, California.

After the bell, shares of Cisco Systems <CSCO.O> fell 2.3 percent after it reported results.

Advancing issues outnumbered declining ones on the NYSE by a 1.52-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored advancers.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 98 new highs and 85 new lows.

About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data. - Reuters
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Read more at http://www.thestar.com.my/business/business-news/2017/08/17/wall-street-ends-up-but-off-highs-after-trump-announcement-fed-minutes/#S7yRRlBjecZudtVJ.99

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WORLDCORPORATE
US Stocks
S&P 500 posts biggest decline in 3 months on Washington worries
Reuters
/
Reuters

August 18, 2017 06:24 am MYT

-A+A
(Aug 18): U.S stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about the Trump administration's ability to push through its economic agenda rattled investors.

The benchmark index also closed at its lowest level since July 11, with the day's move marking the first time since the Nov. 8 election of two days with more than 1 percent declines so close together. The index dropped 1.4 percent last Thursday, as concern over a possible conflict between the United States and North Korea hit the market.

The falls mark a break from a period of low volatility and subdued moves. The S&P 500 has had just four 1 percent declines this year.

Investors appeared to be losing faith in the Trump administration's ability to move forward on its agenda, some strategists said.

"Continued problems with Republican leadership, inability to get anything done, and this latest wedge being driven between the president and Congress. Not helpful," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

With valuation levels considered high in many stocks, investors may be more prone to sell, he said.

The market was also on edge after a van crashed into dozens of people in the center of Barcelona and Spanish media, citing police sources, said at least 13 people were killed. Police said the crash was viewed as a terror attack.

Stocks began to lose ground early in the session, following speculation about the possible departure of National Economic Council director Gary Cohn.

A White House official later said Cohn intends to remain in his position. After a short respite, the market continued to sell off and picked up the pace into the close. All 30 Dow stocks fell, along with all components of the S&P 100.

Speculation of Cohn's departure came a day after Trump disbanded two business councils, with several chief executives quitting in protest over his remarks on white nationalists.

The Dow Jones Industrial Average ended down 274.14 points, or 1.24 percent, to 21,750.73, the S&P 500 lost 38.1 points, or 1.54 percent, to 2,430.01 and the Nasdaq Composite dropped 123.20 points, or 1.94 percent, to 6,221.91.

The S&P 500 was on pace for its worst back-to-back weeks since the election.

Disappointing corporate results also weighed. Shares of Dow component Cisco Systems fell 4 percent a day after its results, while Wal-Mart was down 1.6 percent after the retailer reported a drop in margins due to continued price cuts and e-commerce investments.

Small-cap stocks also sold off. The Russell 2000 index , a widely used gauge of small caps, closed below its 200-day moving average for the first time since June 2016.

Declining issues outnumbered advancing ones on the NYSE by a 4.55-to-1 ratio; on Nasdaq, a 3.89-to-1 ratio favored decliners.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 98 new highs and 85 new lows.

It was the seventh straight day in which the NYSE and Nasdaq had more stocks making new 52-week lows than highs, the longest stretch since Trump's election.

About 6.7 billion shares changed hands on U.S. exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data. - Reuters

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Saturday, 19 August 2017 | MYT 6:46 AM
Wall Street ends down after more White House turmoil
image: http://www.thestar.com.my/~/media/online/2017/07/05/22/38/stocks.ashx/?w=620&h=413&crop=1&hash=F3BBDDE3465A250D46F2972117EB1B5EC980BECC
The Dow Jones Industrial Average fell 76.22 points, or 0.35 percent, to close at 21,674.51, the S&P 500 lost 4.46 points, or 0.18 percent, to 2,425.55 and the Nasdaq Composite dropped 5.39 points, or 0.09 percent, to 6,216.53.  The S&P 500 closed roughly 1 percent below its 50-day moving average, the furthest below that key technical measure since mid-April and the closest to its 200-day moving average since the election.  For the week, the Dow was down 0.8 percent, the S&P 500 was down 0.7 percent and the Nasdaq fell 0.6 percent.
The Dow Jones Industrial Average fell 76.22 points, or 0.35 percent, to close at 21,674.51, the S&P 500 lost 4.46 points, or 0.18 percent, to 2,425.55 and the Nasdaq Composite dropped 5.39 points, or 0.09 percent, to 6,216.53. The S&P 500 closed roughly 1 percent below its 50-day moving average, the furthest below that key technical measure since mid-April and the closest to its 200-day moving average since the election. For the week, the Dow was down 0.8 percent, the S&P 500 was down 0.7 percent and the Nasdaq fell 0.6 percent.
 
NEW YORK: U.S. stocks lost ground late to end lower on Friday following a White House-focused week that raised more questions about the Trump administration's ability to implement its pro-growth agenda.

While the day's losses were small, Friday marked the first time stocks haven't risen the day after a more than 1 percent drop since Donald Trump was elected president on Nov. 8.

The week's losses further dented the post-election rally, which was built on Trump's promises of tax cuts and higher infrastructure spending.

Thursday's 1.5-percent drop in the S&P 500 came a week after a similar fall, and while the benchmark index still is up 13.4 percent since the election, it is down 2.1 percent in the last two weeks. That's the most since the two weeks before the election.

"While this mini correction we're seeing may not amount to much, it's probably caused by this escalation in doubt of all of these things that seemed hopeful to investors at the beginning of the Trump administration," said J. Bryant Evan, investment advisor and portfolio manager at Cozad Asset Management, in Champaign, Illinois.

In the latest shakeup, the White House said Trump on Friday fired chief strategist Steve Bannon, known as an economic nationalist and an advocate of "America First" policies. Critics have accused him of harboring anti-Semitic and white nationalist sentiments.

While stocks turned higher following reports of Bannon's departure, they lost those gains heading into the close.

The news followed a week heavy with speculation and focus on the White House. On Thursday, there was concern about the possible departure of National Economic Council Director Gary Cohn; on Wednesday, Trump disbanded some business councils.

Trump also alienated some corporate leaders and U.S. allies this week with his comments following violence in Charlottesville, Virginia, where there was a white nationalist protest against the removal of a Confederate statue.

The Dow Jones Industrial Average fell 76.22 points, or 0.35 percent, to close at 21,674.51, the S&P 500 lost 4.46 points, or 0.18 percent, to 2,425.55 and the Nasdaq Composite dropped 5.39 points, or 0.09 percent, to 6,216.53.

The S&P 500 closed roughly 1 percent below its 50-day moving average, the furthest below that key technical measure since mid-April and the closest to its 200-day moving average since the election.

For the week, the Dow was down 0.8 percent, the S&P 500 was down 0.7 percent and the Nasdaq fell 0.6 percent.

Shares of sporting goods retailers and Deere <DE.N> weighed on the market following disappointing results.

Nike's <NKE.N> 4.4-percent slide weighed the most on the Dow, following dismal results from sporting goods retailers Foot Locker <FL.N> and Hibbett <HIBB.O>.

Deere's 5.4-percent fall was the biggest drag on the industrial sector after the farm equipment maker reported a second straight quarter of lower-than-expected sales.

Friday also was the eighth straight day in which the New York Stock Exchange and Nasdaq had more stocks making new 52-week lows than highs, matching a similar streak leading up to Trump's election.

About 290 issues hit a 52-week low on Friday, the most since immediately after the presidential vote.

The market's rally faces further tests in the weeks ahead with the approach of a historically weak month for equities and a host of other issues that could weigh on market, including the Federal Reserve's September meeting, where it could announce plans to unwind its bond portfolio.

Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.

About 6.8 billion shares changed hands on U.S. exchanges. That compares with the 6.4 billion daily average for the past 20 trading days, according to Thomson Reuters data. - Reuters
TAGS / KEYWORDS:
Stocks , Earnings , Markets

Read more at http://www.thestar.com.my/business/business-news/2017/08/19/wall-street-ends-down-after-more-white-house-turmoil/#XLvxXuJ4Zb0RTvdt.99

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Re: S&P 500 Index Movements
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