US stocks end little change

Dhaka,  Sat,  24 June 2017
Published : 17 Jun 2017, 10:31:26 | Updated : 17 Jun 2017, 10:55:53
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US stocks end little change; energy shares gain

Major US stock indexes ended little changed on Friday even as Amazon.com's $13.7 billion deal to buy upscale grocer Whole Foods roiled the retail sector.

Energy sector shares helped buoy the S&P 500 and the Dow industrials, while Apple dragged on the Nasdaq.

The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector.

Wal-Mart shares sank 4.7 per cent, weighing the most on the Dow. Shares of Target, Walgreen Boots and Costco fell between 5.0 per cent and 7.0 per cent.

Amazon shares gained 2.4 per cent, making the stock the biggest boost to the S&P 500. Whole Foods shares surged 29.1 per cent.

The S&P consumer staples sector fell 1.0 per cent, by far the worst performing major sector. The S&P 500 food and staples retailing index dropped 4.2 per cent.

Grocery chain Kroger was the biggest loser on the S&P 500, falling 9.2 per cent, while Supervalu dropped 14.4 per cent.

The Dow Jones Industrial Average rose 24.38 points, or 0.11 per cent, to end at 21,384.28, the S&P 500 gained 0.69 point, or 0.03 per cent, to 2,433.15 and the Nasdaq Composite dropped 13.74 points, or 0.22 per cent, to 6,151.76.

The technology sector fell 0.2 per cent, continuing its recent slump. Apple shares closed down 1.4 per cent.

Tech has led the S&P 500's 8.7 per cent rally this year, but posted its second week of declines, prompting questions over whether investors are moving money into other sectors.

Advancing issues outnumbered declining ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favoured decliners.

About 9.7 billion shares changed hands in US exchanges, well above the 6.8 billion daily average over the last 20 sessions.
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