NEW YORK, N.Y. – The US asset marketplace shook off the 3 consecutive declines throughout the midst of this week, completing Friday with marginally higher benefits, even though the moderate bounce wasn’t enough for the S&P 500 index from ending its recorded longest stretches of weekly gains from two years ago.
Sectors that rely on consumer spendings such as health care companies and assets and banks powered most of the rebound, outweighing the decline in oil amounts and losses in real estate, technology, and other industries.
The week ended with the S&P 500 index rising 0.2%, gaining about 6.75 points towards 3,110.29. However, it has previously tracked a 0.3% rise before going down by 0.1%.
About 96% of stocks under the S&P 500 index have already reported their earnings for the summer, and are expected to track a 2.3% decline from the previous year. Although the stocks have dropped, it’s modestly better than the 4% decline that analysts were expecting originally.
On the other hand, the Dow Jones Industrial Average reported a 0.4% rise, gaining 109.33 points towards 27,875.62. The Nasdaq also came out with a 0.2% gain, going up by 13.67 points towards 8,519.88.
Further, the Russell 2000 index tracked a 0.3% gain, gaining 4.98 points towards 1,588.94, suggesting that marketplace players are favoring smaller company assets.
In European assets, major asset indexes also finished the week broadly higher, with bond amounts having very modest change.
Despite the majority downs in the week, the major asset indexes in the US are still on track for recording some strong gains for the year. The Nasdaq and S&P 500 are reporting over a 24% gain, while the Dow is going for 20% gains for the year.
Friday was also a bright spot for most of the retail sector. Macy’s has reported a 5.2% gain on the last trading day, cutting its losses early in the week, although it still ended with about 8% loss for the entire week after reporting its sales and benefit cut for the year as shoppers favor heading online instead of going to stores. Nordstrom, on the other hand, gained over 10.6% after reported a lot of bigger sales for the last quarter, which was more than what Wall Street predicted.
Overall, the global marketplace was churned the majority of the week due to the growing uncertainty about whether the US and China will come to a trade compliance before 2020 ends as well as the impending tariff gain on most Chinese goods which is set to take effect on December 15.