Wall Street ends mostly higher, with Apple marking largest weekly loss since early 2016

Economies.com
2017-09-22 20:39PM UTC

US stock indices closed mostly higher on Friday, with healthcare leading the charge higher after Senator John McCain withdrew support from the new health bill, while Apple marked the largest weekly loss since April 2016. 

 

Dow Jones shed 9.64 points, or 0.04% to 22,349.59, while Standard and Poor's 500 rose 1.62 points, or 0.06% to 2,502.22. NASDAQ Composite climbed 0.07%, or 4.23 points to 6,426.92. 

 

S&P 500 lost 0.3% yesterday, the first such loss in five sessions, on profit-taking after the index hit record highs earlier this week at 2,508.85. 

 

Healthcare shares rallied after performing the worst between different sectors in S&P 500 in the morning session, rising over 0.5% from the session's lows. 

 

Senator John McCain said on Friday he can't vote in good conscience to the healthcare reform bill, becoming one of four Republican members in the Senate who didn't present this bill. 

 

Tensions flared anew between the United States and North Korea, especially with the talk war between US president Donald Trump and North Korea leader Kim Jong-un. 

 

Kim Jong said that North Korea will undertake the highest levels of countermeasures in history against the United States in response to the US president's threat to "totally destroy" North Korea, describing Trump's UN speech as "total unprecedented nonsense", with Trump responding on Twitter that Kim Jong is a madman who doesn't mind killing or starving his own people. 

 

South Korean media reported that North Korea's foreign affairs minister said that his country "will look into deploying an unprecedented Hydrogen test in the Pacific, noting it will be the first North Korean nuclear test outside its borders. 

 

Most tech stocks fell after Apple's 1.5% tumble, deepening this week's overall losses to 5.5%, and heading for the largest weekly loss in a few months, on concerns about the company's latest iPhones. 

 

Banking and financials stocks fell for the first time this week, with JPMorgan, City Group, and Morgan Stanley leading the decline, but the stock headed nonetheless for a 2.5% weekly profit on prospects of a Federal Reserve rate hike in December. 

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