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US close: Wall Street breaks four-session losing streak, but ends lower for the week
Wall Street broke a four-session losing streak on Friday, buoyed by some strong readings on the economy, but still closed lower for the week weighed down by multiple changes - actual and heavily speculated upon - in the top ranks of the Trump administration and amid ongoing trade frictions.
On top of all of the above, overnight it emerged that the Trump organisation was hit with a subpoenae by Special Counsel Mueller as part of his investigation into alleged Russian links.
By the closing bell, the Dow Jones Industrial was up 0.29% or 72.85 points higher to 24,946.51, with the S&P 500 adding 0.17% or 4.68 points to 2,752.01 and the Nasdaq Composite flat at 7,481.99.
However, for the week the S&P 500 ended down by 34.56 points.
From a sector standpoint, the best performing areas of the market were: Coal (3.90%), Recreational products (2.91%) and Oil equipment (1.67%).
In parallel, the yield on the benchmark 10-year US Terasury note was adding two basis points to 2.86%.
Overnight on Thursday, strategists at Bank of America-Merrill Lynch advised their clients that it had seen a record $43.3bn of inflows into equities over the week ending 14 March.
Their take on the latest weekly flow data was that clients were increasingly positioned for higher earnings per share, short rates and bond yields, albeit alongside a lower US dollar.
However, "treasuries and bunds hinting at 'growth scare' makes stocks vulnerable; LIBOR leading to tighter financial conditions, higher US dollar required to ding tech and Emerging Markets," they said.
Even so, their Bull&Bear indicator slipped from a reading of 6.8 to 6.5, which meant it was no longer in 'sell' territory.
In the background, markets were also expectant ahead of the US Federal Reserve's next policy meeting on 20-21 March.
In economic news, homebuilding fell more than expected across America last month as a dive in the number of multi-family housing units being started offset a second consecutive monthly increase in single-family projects, according to a reading on US housing starts and permits from the Commerce Department.
Housing starts declined 7% to a seasonally adjusted annual rate of 1.23m, Commerce said, and data for January was revised up to a groundbreaking increase of 1.329m instead of the previously reported 1.326m.
US industrial production rose the most it had in the last four months in February thanks to strong output gains in the manufacturing and oil and gas sectors, with total industrial production, which includes that from factories, mines and utilities across the nation, expanding by 1.1% during the month, topping analysts expectations for a more reserved 0.4% gain, the Federal Reserve said on Friday.
Also released on Friday, the JOLTS labour market survey for January revealed that the number of American's counted as not in the labour force dropped by 653,000 in February, while the labour force itself increased by 806,000.
The unemployment rate has been at 4.1% since October, its lowest reading since December 2000.
Lastly, US consumers confidence hit a 14-year high in March, as lower-income households were said to feeling more optimistic about the nation's economy, according to the University of Michigan, which said the preliminary result of its consumer-sentiment index came in at 102.0 for March, up from the 99.7 posted in February.
Meanwhile, in corporate news, Johnson & Johnson was up 0.47% after it announced that Platinum Equity had offered to purchase its Life Scan unit for $2.1bn.
Jewellery retailer Tiffany & Co was down 5.06% after posting a fourth quarter adjusted earnings per share of $1.67 (consensus: $1.63) on the back of a stronger-than-expected 1% rise in like-for-like sales.
Dow Jones - Risers
Caterpillar Inc. (CAT) $156.46 2.57%
Walmart Inc. (WMT) $89.17 1.90%
International Business Machines Corp. (IBM) $160.29 1.37%
Goldman Sachs Group Inc. (GS) $267.21 1.20%
American Express Co. (AXP) $95.60 1.14%
Exxon Mobil Corp. (XOM) $75.12 0.94%
Visa Inc. (V) $124.53 0.91%
Home Depot Inc. (HD) $178.96 0.87%
Merck & Co. Inc. (MRK) $55.67 0.76%
Travelers Company Inc. (TRV) $141.30 0.60%
Dow Jones - Fallers
Dowdupont Inc. (DWDP) $67.91 -1.49%
Walt Disney Co. (DIS) $102.87 -0.99%
Nike Inc. (NKE) $65.91 -0.72%
United Technologies Corp. (UTX) $128.33 -0.72%
Unitedhealth Group Inc. (UNH) $227.90 -0.71%
Cisco Systems Inc. (CSCO) $45.01 -0.71%
Coca-Cola Co. (KO) $43.46 -0.48%
Apple Inc. (AAPL) $178.02 -0.35%
Boeing Co. (BA) $330.47 0.06%
JP Morgan Chase & Co. (JPM) $115.37 0.17%
S&P 500 - Risers
Dollar General Corp (DG) $95.39 6.98%
Western Digital Corp. (WDC) $106.45 4.13%
Southwestern Energy Co. (SWN) $4.46 4.08%
United States Steel Corp. (X) $39.96 3.98%
Transocean Ltd. (RIG) $9.89 3.46%
Signet Jewelers Ltd (SIG) $38.68 3.12%
Adobe Systems Inc. (ADBE) $225.55 3.05%
W.W. Grainger Inc. (GWW) $288.79 3.05%
Micron Technology Inc. (MU) $60.58 2.96%
Kohls Corp. (KSS) $63.13 2.68%
S&P 500 - Fallers
Tiffany & Co. (TIF) $97.50 -5.08%
CF Industries Holdings Inc. (CF) $38.35 -4.91%
Broadcom Limited (AVGO) $254.87 -4.81%
AbbVie Inc (ABBV) $113.71 -4.40%
Dominion Energy Inc. (D) $70.61 -3.96%
EQT Corp. (EQT) $50.45 -3.81%
Viacom Inc. Class B (VIAB) $31.65 -3.59%
Avery Dennison Corp. (AVY) $111.61 -2.80%
Crown Castle International (CCI) $109.09 -2.68%
General Mills Inc. (GIS) $50.49 -2.55%
Nasdaq 100 - Risers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $221.88 7.64%
Western Digital Corp. (WDC) $106.45 4.13%
Ctrip.Com International Ltd. Ads (CTRP) $49.27 3.12%
Adobe Systems Inc. (ADBE) $225.55 3.05%
Micron Technology Inc. (MU) $60.58 2.96%
Regeneron Pharmaceuticals Inc. (REGN) $343.30 2.50%
Dish Network Corp. (DISH) $40.76 1.70%
Dollar Tree Inc (DLTR) $95.75 1.69%
Incyte Corp. (INCY) $90.03 1.51%
PACCAR Inc. (PCAR) $67.74 1.38%
Nasdaq 100 - Fallers
Broadcom Limited (AVGO) $254.87 -4.81%
Activision Blizzard Inc. (ATVI) $71.68 -2.32%
Mercadolibre Inc. (MELI) $378.44 -2.24%
Take-Two Interactive Software Inc. (TTWO) $107.29 -1.48%
Alphabet Inc. Class A (GOOGL) $1,134.42 -1.41%
Applied Materials Inc. (AMAT) $59.44 -1.39%
Intuitive Surgical Inc. (ISRG) $435.86 -1.38%
Tesla Inc (TSLA) $321.35 -1.31%
Cadence Design Systems Inc. (CDNS) $38.59 -1.25%
Alphabet Inc. Class C (GOOG) $1,135.73 -1.20%