Investing.com – US stocks closed mostly lower on Friday as energy and health sectors came under pressure while ongoing concerns over a delay to corporate tax cuts weighed on sentiment.
The Dow Jones Industrial Average closed lower at 23,429.97. The S&P 500 closed 0.09% lower while the Nasdaq Composite closed at 6750.94, up 0.01%.
The Dow posted its first weekly loss in nine weeks, struggling to pare Thursday’s losses which followed concerns over a delay to tax cuts after the Senate reveal its version of the tax plan which proposed to delay a cut in the corporate rate until 2019.
On the economic data front, investors digested consumer sentiment data that undershot expectations, adding to the negative outlook on riskier assets.
The University of Michigan’s consumer sentiment index, showed consumer confidence in the economy cooled, as the index showed a preliminary reading for November of 97.8, missing expectations for reading of 100.7.
Financials, mostly banks, were one of the worst performing sectors of the week, weighing on the broader market amid fears over a flattening yield curve, which usually signals that investors are concerned about the strength of long-term economic growth and inflation.
In corporate news, NVIDIA Corporation (NASDAQ:NVDA) closed more than 5% higher after posting earnings on Thursday that beat expectations on both the bottom and top lines.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: General Electric Company (NYSE:GE) up 2.5%, Walt Disney Company (NYSE:DIS) up 2.1% and Nike (NYSE:NKE) up 0.8%
Intel (NASDAQ:INTC), down 1.6%, Merck (NYSE:MRK) down 1.3% and McDonald’s Corporation (NYSE:MCD) down 0.8%, were among the worst Dow performers of the session.