Stocks Weaken At Close; Dow Takes First Monthly Hit Since October

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02 April, 2017

Fallen smartphone giant BlackBerry Ltd (NASDAQ:BBRY, TSE:BB) advanced 6.3% in pre-market trading after it said to be profitable on an adjusted basis in 2018.

June gold which is now the most-active contract, fell $8.80, or 0.7%, to settle at $1,248 an ounce.

THE QUOTE: Trading has been mostly quiet, suggesting portfolio managers looking to bolster their end-of-quarter performance made their moves earlier in the week, said Quincy Krosby, market strategist at Prudential Financial. For the week, the Dow finished up 0.3%, but 0.7% lower for the month, while notching a 4.6% gain for the quarter.

That's the smallest average since the fourth quarter of 1965, when Lyndon B. Johnson was the US president.

US stocks ended higher Thursday, with the Nasdaq Composite Index setting a new closing record, as Wall Street digested the country's better-than-expected revised economic growth data. The Nasdaq Composite Index decreased 2.61 points, or 0.04 percent, to 5,911.74.

The S&P 500 gained for a third straight day, rebounding after its worst week of the year last week.

The economy grew at an annualised pace of 2.1% in the fourth quarter of the year, the Commerce Department said, up from an earlier estimate of 1.9%. CarMax slid 79 cents, or 1.3 per cent, to $59.27.

More news: Jeurys Familia suspended 15 games for violating Major League Baseball domestic violence policy

The failure of the Republican healthcare bill has raised concerns about Trump's ability to achieve other policy goals such as tax reform and increased infrastructure spending.

"It's not just the USA economy, but we do see definitely improvement throughout the world", Cavanaugh said.

At 10:55 a.m. ET (1455 GMT), the Dow Jones Industrial Average was down 33.91 points, or 0.16 percent, at 20,694.58, the S&P 500 was down 0.23 points, or 0.01 percent, at 2,367.83 and the Nasdaq Composite was up 3.28 points, or 0.06 percent, at 5,917.63.

Other companies that sell athletic apparel were pressured as well, including Nike, which lost 1.2 per cent, and Under Armour, which shed 2.3 per cent.

The defensive utilities sector was the worst-performing group, falling 0.7 per cent.

Canada's two biggest rail operators also dragged, with Canadian Pacific Railway slipping 0.7 per cent to $196.02 and Canadian National Railway off 0.3 per cent to $98.92. However, the blue-chip average, unlike the S&P 500 and the Nasdaq, will post a weekly decline at current levels. The S&P 500 closed at 2362.72 for a loss of -5.34 points or -0.23%.

"If earnings reports come in as expected, then they will catch up with the valuations, if they don't then I think the market will start to pull back". The ICE U.S. Dollar Index was up 0.4% at 100.37, on track for a 0.6% gain this week.


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