Consol Energy
The Dow, NASDAQ and S&P 500 all rose moderately on Friday
Investing.com -- U.S. stocks ended the week broadly higher on Friday, as relatively strong producer inflation data combined with weak consumer sentiment provided investors with further uncertainty on if the Federal Reserve will raise interest rates next week.
The Dow Jones Industrial Average and the NASDAQ Composite index and S&P Composite index all posted modest gains, as investors prepare for the Federal Open Market Committee's highly-anticipated two-day meeting beginning on Wednesday. Nearly a decade has passed since the FOMC has raised its benchmark Federal Funds Rate. The Dow gained 102.69 or 0.63% to 16,433.09, ending the week up by roughly 2% while the NASDAQ added 26.09 or 0.54% to close on Friday at 4,822.34.
The S&P 500, meanwhile, gained 8.76 or 0.45% to 1,961.05, as eight of 10 sectors closed in the green. Stocks in the Consumer Services, Health Care and Utilities sectors led, each closing up by more than 0.70% on the session. Stocks in the Energy and Basic Materials industries lagged. The Dow and S&P 500 both posted their best weekly performances in two months.
On Friday morning, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) said its headline Producer Price Index for August remained unchanged in August, following a 0.2% gain a month earlier. The reading came in substantially higher than low end of consensus estimates of a 0.6% decline.
Meanwhile, the Core PPI-FD, which strips out food and energy prices, ticked up by 0.3%, marking the third consecutive month of considerable gains. On a yearly basis, the core reading has increased by 0.9%, providing support to hawkish views for an imminent rate hike.
The top performer on the Dow was McDonald`s Corporation (NYSE:MCD), which gained 2.16 or 2.27% to 97.41, one day after one of the world's largest fast-food chains announced a plan to switch exclusively to cage-free eggs at its restaurants in the U.S. and Canada. The worst performer was Merck & Company Inc (NYSE:MRK), which fell 0.63 or 1.19% to 52.09.
The biggest gainer on the NASDAQ was Illumina Inc (NASDAQ:ILMN), after the San Diego-based biotechnology company surged 6.46 or 3.23% to 206.41. The worst performer was Wynn Resorts Limited (NASDAQ:WYNN), amid a report that its Macau casino allegedly lost more than $250 million due to a recent theft. Shares in Wynn Resorts fell 1.95 or 2.80% to 67.72.
The top performer on the S&P 500 was Kroger Company (NYSE:KR), which jumped 1.89 or 5.34% to 37.29, after its second quarter net profits soared by 25%. The worst performer was CONSOL Energy Inc (NYSE:CNX), which fell 0.68 or 5.15% to 12.53, as crude futures dipped by nearly 2% on the session. A handful of energy stocks were among the laggards on the S&P.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,675 to 1,441 margin.
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