«Breaking News» Dow Jones looses steam after two days of gains

U.S. stocks wavered between small gains and losses Friday, struggling to maintain the momentum from a two-day winning streak following a week of volatile trading. 

The Dow Jones Industrial Average on Friday dropped 76.42, or 0.33 per cent, to 23,062.40, losing steam after Wednesday's historic points gain of more than 1,000.   

The S & P 500 was down 3.09 points, or 0.12 per cent. The Nasdaq composite traded roughly even, ending the day up 5.03 points, or 0.076 per cent.

With a single day of trading left in 2018, all three stock indexes are on track to post losses for the year - the first time that has occurred since the financial crash of 2008. 

Trader Peter Tuchman works on the floor of the New York Stock Exchange on Friday. Stocks lost momentum after two days of gains and the indexes are on track to end down for the year

On Friday, energy companies led a broad, late-afternoon slide. Smaller company stocks were outgaining the rest of the market. 

'It seems like convulsions in either direction have been the real norm for much of December and that's certainly been the case this week,' said Eric Wiegand senior portfolio manager for Private Wealth Management at U.S. Bank. 

'The initial push higher and then seeing it subside a little bit is perhaps getting back to a little bit more of a normal environment, reflecting the reality that we have still a number of issues overhanging the market.' 

Volatility has been the norm in December as investors have grown worried that the testy U.S.-China trade dispute and higher interest rates would slow the economy, hurting corporate profits. 

The Dow has dropped 2 per cent or more in six trading sessions and had a 5 percent gain on Wednesday. 

A year-to-date view shows the Dow Jones as of the closing bell on Friday. The index is poised to end the year in negative territory, with one more day of trading left in 2018

The market's sharp downturn since October has intensified this month, erasing all its 2018 gains and nudging the S&P 500 closer to its worst year since 2008. 

Even with the two-day winning streak heading into Friday, the Dow, S&P 500 and Nasdaq are all down more than 9 percent for the month and stocks are on track for their worst December since 1931.

'The market is substantially cheaper than it was going into the fourth quarter, and we believe quite a bit of the price action we saw in the fourth quarter was more indicative of a panic and a recession,' said Janet Johnston, portfolio manager at TrimTabs Asset Management. 'And that sets up a good buying opportunity.'

Link hienalouca.com

https://hienalouca.com/2018/12/29/dow-jones-looses-steam-after-two-days-of-gains/
Main photo article U.S. stocks wavered between small gains and losses Friday, struggling to maintain the momentum from a two-day winning streak following a week of volatile trading. 
The Dow Jones Industrial Average on Friday dropped 76.42, or 0.33 per cent, to 23,062.40, losing steam after Wednesday’s hi...

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