NEW YORK, May 20 (Xinhua) — U.S. stocks closed mixed in uneven trading on Friday as investor sentiment remained shaky on Wall Street.
The Dow Jones Industrial Average elevated 8.77 factors, or 0.03 p.c, to 31,261.90. The S&P 500 added 0.57 factors, or 0.01 p.c, to three,901.36. The Nasdaq Composite Index fell 33.88 factors, or 0.30 p.c, to 11,354.62.
Six of the 11 main S&P 500 sectors ended in inexperienced, with well being care up 1.26 p.c, outpacing the remaining. Consumer discretionary slipped 1.53 p.c, the worst-performing group.
Friday was one other wild session for Wall Street’s three main averages, which noticed S&P 500 drop as a lot as 2.3 p.c on the lows, briefly slipping into bear-market territory. A bear market is often outlined by a fall of at the very least 20 p.c from a latest peak. The 30-stock index fell greater than 600 factors earlier in the session.
The above market strikes got here amid rising worries that aggressive central financial institution coverage tightening to curb inflation might tip the economic system into recession.
Heightened uncertainty over the financial outlook has despatched volatility rising and uneven trading is more likely to proceed, specialists warned.
“We consider markets will stay turbulent till traders get larger readability on the 3Rs – recession, charges, and danger,” analysts at UBS mentioned in a be aware on Friday.
For the week, the Dow slid 2.9 p.c, its eighth straight adverse week. The S&P 500 and the tech-heavy Nasdaq shed 3 p.c and three.8 p.c, respectively, for his or her seventh consecutive dropping week.
