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U.S. stocks close lower: Dow positive for the week

Published 03/17/2017, 04:09 PM
Updated 03/17/2017, 04:21 PM
© Reuters.  The Dow closed positive for the week

© Reuters. The Dow closed positive for the week

Investing.com – U.S. equities closed modestly lower on Friday, despite the release of mostly upbeat economic data, as manufacturing output and consumer sentiment data topped expectations while industrial production slowed in February.

U.S stocks traded in positive territory, albeit briefly, during the mid-afternoon session, but ultimately pulled back as the close approached, after Financials and healthcare stocks took a breather.

Meanwhile, upbeat economic data failed to lift sentiment while U.S. crude futures settled higher to end the week in positive.

U.S crude futures settled higher at $48.78, as a slump in the dollar offset oversupply concerns in the industry.

In a preliminary report, the University of Michigan said its consumer sentiment index rose to 97.6 in March from 95.7 the previous month while manufacturing output rose for a sixth straight month.

Both consumer sentiment and manufacturing output topped expectations while U.S. industrial production was flat in February, compared to expectations for a 0.2% rise.

The Dow Jones Industrial Average closed 0.10% lower at 20,914. The S&P 500 lost 0.13% and the Nasdaq Composite closed roughly flat at 5,901.

In corporate news, shares of Adobe rose more than 5% on Friday, setting a new intraday high of $130.30, after the software company posted better than expected quarterly results on Thursday after U.S. markets closed.

The top S&P 500 gainers included Cintas Corporation (NASDAQ:CTAS) up 4.7%, and Adobe Systems Incorporated (NASDAQ:ADBE) up 3.8%, while Wynn Resorts Limited (NASDAQ:WYNN) added 3.8%.

Amgen Inc (NASDAQ:AMGN) down 6.5%, Invesco Plc (NYSE:IVZ) down 4.5% and Franklin Resources Inc (NYSE:BEN) down 3.8%, were among the worst S&P 500 performers of the session.

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