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Stocks Wobble on Wall St. as a Bumpy Week Nears Its End Stocks Wobble as a Bumpy Week on Wall St. Comes to a Close
(about 7 hours later)
HONG KONG — Stocks on Wall Street were up and down on Friday after a late rally the day before that largely carried over to markets around the world. A raucous week on Wall Street ended quietly on Friday, as stocks drifted between gains and losses before closing slightly lower.
Shares rose in Asia and Europe despite new causes for concern about the pace of global economic growth. The S&P 500 index fell 0.12 percent, to 2485.74, and the Dow Jones industrial average dropped 0.33 percent, to 23,062.40. The Nasdaq composite fared better, rising slightly.
European markets started the day around 1 percent higher, climbed through the morning and remained up across the board by midafternoon. Asian markets closed higher for the most part, with Japan’s Nikkei 225 index a notable exception. The muted session contrasted sharply with trading during the rest of the holiday week, when stocks rose or fell sharply — sometimes doing both the same day.
Investors in Asia did not initially latch on to Wall Street’s positive momentum from Thursday. Stocks in Japan fell after officials there released soft economic data for the month of November. In particular, they focused on a drop in industrial output that economists blamed partly on weaker demand from China, a major buyer of Japanese machinery used in factories. On Monday, in a shortened Christmas Eve session, shares experienced their steepest drop in several weeks as investors worried over President Trump’s attacks on the Federal Reserve. On Wednesday, the S&P 500 surged nearly 5 percent and posted its biggest one-day gain since March 2009. On Thursday, stocks fell almost 3 percent before rebounding and ending the day in positive territory.
The report came after the release on Thursday of data showing that Chinese industrial profits fell last month for the first time in three years. Although the S&P 500 ended the week higher than it began, investors may face more declines soon, said Sam Stovall, chief investment strategist at the independent research firm CFRA.
The Nikkei 225 fell 0.3 percent. In Hong Kong, the Hang Seng rose 0.1 percent. The Shanghai composite index rose 0.4 percent. Stocks in Taiwan and South Korea rose as well. “You often don’t just have a straight ‘V” recovery,” he said. “You usually have a retest.”
By midafternoon in Europe, the Euro Stoxx 50 blue-chip index was up by about 1.9 percent, the FTSE 100 in London rose 2.3 percent and the CAC 40 in Paris was up 2 percent. The Dax in Germany was about 1.7 percent higher. Lighter trading volume than usual — typical for a holiday week — was responsible for some of the seesawing, but volatility has become a hallmark of trading lately as financial markets slid off their highs. Since October began, the S&P 500 has gained or lost 2 percent or more 12 times . In the six months before that, there were only two moves of that size.
Trading has been febrile in recent weeks, particularly in the United States, as investors grapple with a slowing of global growth, corporate profits being squeezed by interest rate rises, a trade war with China and turmoil in the White House. Investors have been grappling with a slowing of global growth, corporate profits being squeezed by rising interest rates, a trade war with China and turmoil in the White House. A partial government shutdown that looks certain to continue into 2019, has complicated matters.
The S&P 500 recorded its best day since 2009 on Wednesday, before dropping as much as 2.8 percent on Thursday and then rallying to finish the day 0.9 percent higher. Oil prices, which are close to their lowest levels in more than a year, rose 1.6 percent on Friday, with the American benchmark ending the day at $45.33 a barrel.
A partial government shutdown has complicated matters by potentially depriving investors of important Commerce Department data. A report on new home sales has been delayed because of the shutdown. And while weekly jobless claims were lower, expectations for job growth have hit a five-month low. European markets ended the day up across the board. The Euro Stoxx 50 blue-chip index gained 1.6 percent, the FTSE 100 in London rose about 2.3 percent and the CAC 40 in Paris was up around 1.7 percent. The Dax in Germany closed about 1.7 percent higher.
Stocks in Japan fell after officials there released soft economic data for the month of November. In particular, investors focused on a drop in industrial output that economists blamed partly on weaker demand from China, a major buyer of Japanese machinery used in factories. In Hong Kong, the Hang Seng rose 0.1 percent. The Shanghai composite index rose 0.4 percent. Stocks in Taiwan and South Korea rose as well.