Stocks end mixed as terror weighs on sentiment
The U.S. stock market, which has been on a record-setting run, ended mixed Friday as the mood of the market was weighed down by the latest terror attack in France despite some good economic and earnings news.
The Dow Jones industrial average, which closed at a record 18,506.41 Thursday, moved up another 10, or less than 0.1%, to a new closing high of 18.516.55. The Standard & Poor's 500 stock index fell 0.1% after closing at a new record for the past four straight sessions. . The technology-dominated Nasdaq composite also finished down 0.1%.
Investors were encouraged by strong reading on U.S. retail sales, a profit beat from Citigroup and upbeat economic data from China.
Overnight in Nice, France, however, a driver of a truck ran down pedestrians, killing 84 people and injuring many more. The latest strike in France, presumed a terror attack, raised fresh questions about global security.
In earning news, Citigroup (C), despite a 14% drop in quarterly earnings vs. a year ago, topped both earnings and revenue projections. Despite the earnings beat, Citigroup's shares lost 0.3%. Wells Fargo's (WFC) quarterly results came in inline with expectations, and shares fell 2.5%.
In economic news, June retail sales in the U.S. rose a solid 0.6%, well above the 0.1% rise expected. Sales in April and May were also revised slightly higher. The upbeat sales numbers sends a key message that the U.S. consumer remains in good shape and is willing to spend. Manufacturing in the New York region in July came in below expectations.
Retail sales surged in June as shoppers kept up spring spending spree
In China, second-quarter economic growth clocked in at 6.7%, unchanged from the first three months of 2016, but above economists' forecast. Stabilization in the Chinese economy, engineered in part by stimulus efforts by policy makers, is another plus for so-called risk assets, such as stocks. the latest industrial production data in China also topped forecasts.
Stocks in Europe were weighed down by the attack on the French Riviera. The broad Stoxx Europe 600 index fell 0.2%. The CAC 40 in Paris fell 0.3%.
Shares were mostly higher in Asia, with stocks in Japan closing up 0.7% and shares in Hong Kong rising 0.5%.