S&P ends almost flat
The Dow and S&P 500 ended Friday close to where they began in a listless summer session. A slowdown in retail sales growth weighed on Wall Street, and fading prospects for more fiscal aid in Washington added to the uncertainty.
The S&P closed flat while the Dow added a tenth percent and the Nasdaq tacked on a fifth of a percent. For the week, the Dow and S&P outperformed the Nasdaq with small gains.
Sanders Morris Harris CEO George Ball:
“Today’s trading reflects boredom as much as anything else. It’s status quo trading.”
But Applied Materials sizzled. Rebounding demand for chip equipment and services helped drive the company’s quarterly revenue above analysts’ estimates, lifting shares almost 4%.
Tesla shares added nearly 2%. Morgan Stanley upgraded shares of the electric car maker, citing the prospects for its battery business.
Baidu shares dropped 6% despite posting revenue that topped forecasts. The Chinese internet giant’s video streaming unit said it was under investigation by the U.S. Securities and Exchanges Commission.
