MARKET SNAPSHOT: U.S. Stocks Fall, But Still Up For The Week
August 28 2015 - 10:41AM
Dow Jones News
By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
Freeport-McMoRan, GameStop among day's big movers
The main U.S. stock-market indexes pulled lower early Friday
following two straight days of big gains.
However, they remain on track to finish one of the most
tumultuous weeks in recent memory with modest gains. They are in
negative territory for the year after a plunge on Monday sent them
into correction territory.
The S&P 500 fell 8 points, or 0.4% lower at 1,982. Most of
the 10 main sectors were lower, but losses were modest. The Dow
Jones Industrial Average dipped 98 points, or 0.3%, to 16,606. The
Nasdaq Composite was off 17 points, or 0.4% at 4,797.
Market reaction to consumer spending and inflation
(http://www.marketwatch.com/story/core-inflation-eases-in-july-and-moves-further-away-from-feds-target-2015-08-28),
both of which ticked up less than expected, was largely muted.
Inflation, which has remained below the Federal Reserve's target,
is likely to influence policy makers's decision over the rate
increases this year.
Investors will look to take their cues from Federal Reserve
officials, who are attending the closely watched Jackson Hole
summit
(http://www.marketwatch.com/story/central-bankers-at-jackson-hole-search-for-answers-on-low-inflation-2015-08-27).
Opinion: A surefire strategy to keep calm and make some money in
this crazy market
(http://www.marketwatch.com/story/a-surefire-strategy-to-keep-calm-and-make-money-in-this-crazy-market-2015-08-27)
The sharp rebound on Wall Street over the previous two sessions
came as investors took comfort from signs China was trying to
stabilize its economy and market, and from upbeat U.S. growth
data.
Investors also will be keeping a close eye on crude prices
Friday. WTI crude for October swung between gains and losses after
surging more than 10% on Thursday, driven higher by a report that
Venezuela asked the Organization of the Petroleum Exporting
Countries to hold an emergency meeting.
Jackson Hole summit: Another potential reason for investor
caution is the Jackson Hole central bankers' summit in Wyoming on
Friday and Saturday, where key Federal Reserve speakers are due to
appear: Fed Vice Chairman Stanley Fischer will talk about inflation
developments on Saturday, with Atlanta Fed President Dennis
Lockhart and St. Louis Fed President James Bullard to follow later.
Here's a schedule of the speakers
(http://www.marketwatch.com/story/fischer-carney-to-headline-jackson-hole-summit-2015-08-27).
(http://www.marketwatch.com/story/fischer-carney-to-headline-jackson-hole-summit-2015-08-27)The
meeting comes after days of financial-market turmoil have driven
some investors to shift their expectations for a U.S. interest-rate
hike to December from September.
Opinion: Stocks climbing strongest 'wall of worry' in five years
(http://www.marketwatch.com/story/stocks-climbing-strongest-wall-of-worry-in-five-years-2015-08-28)
Economic data:Core inflation moderated in July
(http://www.marketwatch.com/story/core-inflation-eases-in-july-and-moves-further-away-from-feds-target-2015-08-28),
the government reported Friday, giving the Federal Reserve another
reason to hold short-term interest rates steady at their September
policy meeting.
Stocks to watch: Share of Freeport-McMoRan Inc. (FCX) jumped
7.5%. Billionaire investor Carl Icahn disclosed a stake in the
miner late Thursday
(http://www.marketwatch.com/story/carl-icahn-discloses-stake-in-freeport-mcmoran-may-seek-board-seat-2015-08-27),
saying the company's shares are undervalued, according to a
filing.
GameStop Corp. (GME) shares plunged 8% following a very bearish
analyst note and downgrade on the company's stock by Benchmark.
Chinese gains tempered:The Shanghai Composite Index
(http://www.marketwatch.com/story/asian-markets-ride-tide-of-strong-us-growth-2015-08-28),
which has been heavily influential at times for global equities
this week, climbed 5.4%. Analysts voiced suspicions on Friday the
government was buying stocks to boost the index, which ended a
roller-coaster week down 8%.
European stocks
(http://www.marketwatch.com/story/europe-stocks-pull-back-as-volatile-week-nears-an-end-2015-08-28)
wavered on Friday, with the Stoxx Europe 600 index down 0.4% and
set for a small loss to end the week. Gold prices rose marginally,
while the dollar held largely steady.
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(END) Dow Jones Newswires
August 28, 2015 10:26 ET (14:26 GMT)
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