US stock indexes mostly down in afternoon trading; oil rises
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U.S. stock indexes were mostly lower in afternoon trading Friday, on course to close out a solid quarter. Investors weighed several corporate deals and new economic data on consumer spending and inflation. Financial stocks were down the most, while utilities led the gainers.
KEEPING SCORE: The Dow Jones industrial average slid 60 points, or 0.3 per cent, to 20,667 as of 2:18 p.m. Eastern Time. The Standard & Poor’s 500 index fell 3 points, or 2 per cent, to 2,364. The Nasdaq composite index lost 2 points to 5,911. The index hit an all-time high on Thursday. The Russell 2000 index of smaller-company stocks picked up 5 points, or 0.4 per cent, to 1,387. Three stocks rose for every two that fell on the New York Stock Exchange.
QUARTER’S END: As the market closes in on the final trading hours of the first quarter, the S&P 500 is on track for its best quarter since the end of 2015, while the Nasdaq is on course for its best quarterly showing since the end of 2013. The Dow isn’t doing as well as it did in the final quarter of 2016. And the Russell 2000 is on pace for its fourth quarterly gain in a row.
U.S. ECONOMY: The Commerce Department said consumer spending kept rising in February, though gains in the last two months have been slow. Meanwhile, an inflation gauge closely watched by the Federal Reserve increased 2.1 per cent in February compared to a year ago, a five-year high.
