New York, August 15: US stocks closed lower Friday, pushing the major indices into negative territory for the week amid mixed signals on the prospects for the country’s struggling economy.
A surprising fall in a consumer confidence survey by the University of Michigan and Reuters dragged on investors’ minds. Its index fell to 63.2 in August from 66 in July. Most analysts had expected an increase.
US aerospace giant Boeing also fuelled the losses. Its share price dropped 4.2 percent after reporting fuselage problems in the development of its new 787 Dreamliner plane, which is already behind schedule. The flaw has forced the company to halt work at a plant in Italy.
The blue-chip Dow Jones Industrial Average dropped 76.79 points, or 0.82 percent, to close at 9,321.4. The broader Standard and Poor’s 500 Index fell 8.64 points, or 0.85 percent, to 1,004.09. The technology-heavy Nasdaq Composite Index tumbled 23.83 points, or 1.19 percent, to 1,985.52.
It marked the end of a mixed week of news on the US economy, including an upbeat economic assessment by the Federal Reserve and a surprising drop in retail sales for July.
The Dow declined 0.5 per cent for the week, ending four straight weeks of gains. The S&P 500 dipped 0.6 percent and the Nasdaq fell 0.7 percent.
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