US stocks close mixed amid data

New York: US stocks ended mixed on Friday after a robust session as investors digested a slew of economic data.

The Dow Jones Industrial Average was up 86.52 points, or 0.32 per cent, to 26,743.50. The S&P 500 fell 1.08 points, or 0.04 per cent, to 2,929.67, Xinhua news agency reported.

The Nasdaq Composite Index decreased 41.28 points, or 0.51 per cent, to 7,986.96.

The Dow’s gains were underpinned by rallying McDonald’s and Boeing stocks.

Shares of the companies rose 2.80 per cent and 1.30 per cent respectively at the close. Telecom led the gainers of the 11 primary S&P 500 sectors, while financials traded 0.36 per cent lower, leading the laggards.

Some of the major US tech stocks fell, weighing on the Nasdaq.

Investors braced for an S&P 500 sector reshuffling after Friday’s close. Among the biggest changes, Facebook and Google-parent Alphabet will move out of tech into the telecommunication services sector. The sector will be renamed as communication services starting Monday.

On economic data, the seasonally adjusted IHS Markit Flash US Manufacturing Purchasing Managers’ Index (PMI) registered at 55.6 in September, up from 54.7 in August, according to report released by the data provider on Friday.

Meanwhile, the seasonally adjusted IHS Markit Flash US Services PMI Business Activity Index dropped to 52.9 in September from 54.8 in August, to signal the weakest expansion of service sector output since March 2017.