Arab Today, arab today wall street mixed logging first monthly loss this year
Last Updated : GMT 18:13:02
Arab Today, arab today
Arab Today, arab today

Wall Street mixed, logging first monthly loss this year

Arab Today, arab today

Arab Today, arab today Wall Street mixed, logging first monthly loss this year

New York - XINHUA

U.S. stocks closed mixed on Friday to end June lower, the first monthly loss this year, as investors digested mixed economic data and speeches from Federal Reserve officials. The Dow Jones Industrial Average lost 114.89 points, or 0.76 percent, to 14,909.60 points. The S&P 500 was down 6.92 points, or 0.43 percent, to 1,606.28 points. The Nasdaq Composite Index inched up 1.39 points, or 0.04 percent, to 3,403.25 points. In June, the Dow fell 1.4 percent and the S&P 500 dipped 1.5 percent while the Nasdaq shed 1.5 percent. However, the market wrapped up the first half of this year on a strong note. The Dow jumped nearly 14 percent, logging the best first half performance since 1999. And the S&P 500 climbed almost 13 percent, the biggest first half percentage gain since 1998. The market opened lower after a three-day winning streak and posted volatile trading in later session. Thomson Reuters and the University of Michigan\'s final reading of the U.S. consumer confidence index in June stood at 84.1, just slightly lower than a near six-year high in May. Economists have expected the final reading to be 83. However, the Chicago purchasing managers index (PMI) declined to 51.6 in June, the largest monthly drop since October 2008, and down from a 14-month high of 58.7 in May, according to the Institute for Supply Management-Chicago. The gyrations seen over the past few months were not typical for the Barometer and some of this might be attributable to the unseasonable weather conditions, it added. Federal Reserve Governor Jeremy Stein said on Friday that the September policy-making meeting is a possible time for the central bank to consider winding down its bond buying program. Also on Friday, Richmond Fed President Jeffrey Lacker noted in a speech that volatility in asset prices should not hinder the economic recovery, when commenting market moves on the prospect of monetary policy in coming months. In addition, San Francisco Fed President John Williams said on Friday that \"is it time to act? My answer is that it\'s still too early,\" referring to the time when the Fed should start to reduce its monetary stimulus. On the previous trading day, dovish comments from Fed policymakers added momentum to the market rally, helping to lift the Dow back above the 15,000 level.  

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