NEW YORK – Stocks on Wall Street shuffled to a meek end to the week after choppy trading marked by a shock collapse in consumer confidence amid the acceleration of new Covid-19 infections.
The Dow and S&P 500 ended essentially flat yesterday, but eked out a fourth consecutive record close and modest gains for the week amid thin summer trading.
Shares drifted higher at the open, but retreated after the University of Michigan reported its consumer sentiment index plunged to its lowest level in a decade as the Delta variant continues to spread.
“There is little doubt that the pandemic’s resurgence due to the Delta variant has been met with a mixture of reason and emotion” from consumers, said the survey’s chief economist Richard Curtin.
The index fell 13.5% – one of the largest declines ever recorded – to 70.2 on concerns that the economy will suffer and amid “dashed hopes that the pandemic will soon end”, he said.
At the end of the final trading session of the week, the Dow Jones Industrial Average was up just over 15 points to 35,515.38, while the broad-based S&P 500 added 0.2% to 4,468.01 – both setting new all-time highs.
The tech-rich Nasdaq Composite Index edged up less than seven points to finish at 14,822.9.
Disney rose 1.0% following better-than-expected earnings marked by a sharp jump in streaming subscriptions.
Boeing lost 1.6% after reporting trouble with its Starliner spacecraft that will delay an unmanned test flight to the International Space Station for several months. – AFP, August 14, 2021
