Wall Street Closing

Saturday 1442/6/10 - 2021/01/23
  • Share on Google+

New York, January 23, 2021, SPA -- The Nasdaq index rose slightly to another record high Friday on strength in major technology names, while the broader market fell modestly.
Hopes for a strong corporate earnings season from large communications and technology companies sparked a rally in the biggest stocks during the holiday-shortened week. The Nasdaq surged 4.2 percent this week, while the broader Standard & Poor’s 500 and Dow industrials gained 1.9 and 0.6 percent, respectively.
In U.S. economic news, existing-home sales rose 0.7 percent in December and surged 22.2 percent during 2020, the most since 2006, but climbing house prices amid record-low inventory could slow the housing-market momentum in coming months.
The U.S. dollar rose versus a basket of other currencies after three consecutive sessions of losses. Gold fell on the firm dollar and a broader market sell-off, but hopes for further U.S. stimulus pushed the metal to its first weekly gain in three. Futures dropped 0.8 percent to $1,851.50 an ounce on the New York Mercantile Exchange.
Oil fell on an increase in U.S. crude inventories and worries that new pandemic restrictions in China will hurt fuel demand in the world’s biggest oil importer. West Texas Intermediate (WTI) crude futures dropped 86 cents, or 1.6 percent, to $52.27 a barrel.
The Dow Jones industrial average fell 179.03, or 0.6 percent, to 30,996.98. Nineteen of the index’s 30 components declined, led by IBM and Intel. IBM plunged 9.9 percent after it reported fourth-quarter sales below analyst expectations and a revenue drop. Intel lost 9.3 percent a day after surging 6 percent on its release of better-than-expected profit.
The broader S&P 500 index fell 11.60, or 0.3 percent, to 3,841.47.
The technology-heavy Nasdaq composite index rose 12.15, or 0.1 percent, to 13,543.06. Apple gained 1.6 percent, Facebook climbed 0.6 percent, and Google-parent Alphabet added 0.45 percent. Netflix dropped 2.5 percent, and Amazon declined 0.45 percent.
--SPA
11:42 LOCAL TIME 08:42 GMT
0002