Gov’t Shutdown Concerns Weigh on Indices - InvestingChannel

Gov’t Shutdown Concerns Weigh on Indices

The Dow Jones Industrial Average retreated on Friday as investors followed the latest news about a potential government shutdown and looked to the end of what has been a tough month.

The 30-stock index dived into the red 158.84 points to close the day, week, month and quarter at 33,507.50, led down by Travelers Companies and Walmart.

The S&P 500 index lost 11.65 points to 4,288.05.

The NASDAQ index edged higher 18.05 points to 13,219.32.

The Dow declined 1.3% on the week and S&P 500 ended the week down 0.7%. The NASDAQ ended 0.06% higher.

Friday’s personal consumption expenditures price index reading, the Federal Reserve’s preferred inflation metric, helped perk up the market.

So-called core PCE, which strips out volatile food and energy prices, rose 0.1% in August and 3.9% year over year. Economists polled by Dow Jones expected that the core PCE would advance 0.2% monthly and 3.9% year over year.

Prices for the 10-year Treasury took on some strength, lowering yields to Thursday’s 4.58%. Treasury prices and yields move in opposite directions.

Oil prices sank 82 cents to $90.89 U.S. a barrel.

Gold prices faded $14.30 to $1,864.30.

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