Dow kicks off Friday action in positive territory, but Nasdaq and S&P 500 on pace for weekly losses

Friday, 27 September 2019 20:50 WIB

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U.S. stocks opened higher Friday morning as investors reacted to further developments on trade and the latest in the continuing impeachment inquiry against President Donald Trump.

The Dow Jones Industrial Average gained 88 points, or 0.3%, at 26,975, the S&P 500 index climbed 0.3% at 2,985, while the Nasdaq Composite Index advanced 0.2% at 8,044.

For the week, the Dow is on pace for a weekly gain of less than 0.1%, the S&P 500 is on pace for a 0.3% decline, while the Nasdaq is looking at a 1% weekly skid, according to FactSet data.

A report that a date for U.S.-China trade talks has been set for Oct. 10-11 in Washington has helped to provide a modest lift for stocks thus far. Stock-market investors also have been digesting a whistleblower report released on Thursday that alleges that President Trump attempted to coerce Ukraine to investigate Democratic rival Joe Biden and his son Hunter, and that the White House sought to cover up there actions.

In economic reports, a core measure of the Federal Reserve's preferred inflation gauge, personal-consumption expenditure, advanced 0.1% month-over-month, while the annual rate rose from 1.7% to 1.8%, still below the Fed's 2% goal.

In corporate news, Wells Fargo & Co announced Friday that it hired Charles Scharf as chief executive, ending a six-month search for a new chief. Scharf, is slated to begin at Wells Fargo on Oct. 21, leaving Bank of New York Mellon Corp where he was CEO.

Source : MarketWatch




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