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Jan 29, 2017

Wall Street at Close Report on January 27, 2017: Dow Ends Landmark Week With A Whimper

marketwatch.com
 
Sue Chang, Anora Mahmudova
 
U.S. stocks closed mostly lower on Friday after a monumental week that pushed the Dow Jones Industrial Average above 20,000 for the first time as investors weighed disappointing fourth-quarter data on domestic economic growth and a spate of earnings.

The Dow Jones Industrial Average DJIA, -0.04% fell 7.13 points to end at 20,093.78, after rising on Thursday to close above the 20,000 level for a second straight day. The blue-chip index rose 1.3% for the week.
The S&P 500 index SPX, -0.09%  shed 1.99 points to finish at 2,294.69, for a weekly gain of 1%. The Nasdaq Composite Index COMP, +0.10% bucked the trend to edge up 5.61 points, or 0.1%, to close at 5,660.78, up 1.9% during the week.
Analysts said investors have retreated to a wait-and-see mode as they look for more details on Trump administration’s policies and corporations.
“Stocks have been trading sideways since mid-December after a rally after the elections. While favorable earnings and still-favorable economic data underpin most recent gains, markets would still like more clarity on fiscal policies and more clarity from corporations on how they see it would impact them,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve, U.S. Bank.
On the economic front, a reading of U.S. gross domestic product showed that economic growth slowed in the fourth quarter and annual growth failed to reach 3% for the 11th straight year. Meanwhile, durable-goods orders also fell in December for the second month in a row. Those lackluster results may have given little cause for enthusiasm among perspective equity buyers.