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Friday 16 December 2016

Tech drags Wall Street lower; China tension weighs

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US stocks fell on Friday, weighed by a more than 4 percent drop in Oracle shares, while recently battered stocks in the real estate and utilities sectors posted the largest gain


Oracle dropped 4.3 percent to USD 39.10 after its adjusted revenue missed analysts' estimates. The stock was the biggest drag on the S&P and the tech sector.

The Dow Jones industrial average fell 8.83 points, or 0.04 percent, to 19,843.41, the S&P 500 lost 3.96 points, or 0.18 percent, to 2,258.07 and the Nasdaq Composite dropped 19.69 points, or 0.36 percent, to 5,437.16.

The Dow rose for its sixth consecutive week but the S&P 500 and Nasdaq posted slight weekly declines.

US stocks have been on a tear since the Nov. 8 presidential election, with the S&P rising 5.5 percent on bets that President-elect Donald Trump's expected deregulation and infrastructure spending will boost the economy.


Advancing issues outnumbered declining ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favored decliners.


The S&P 500 posted 22 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 41 new lows.

About 10.84 billion shares changed hands in US exchanges, well up from the 7.53 billion daily average over the last 20 sessions.



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