Wall St. posts weekly loss as banks, chipmakers weigh
By Stephen Culp NEW YORK (Reuters) - The S&P 500 ended lower on Friday after a choppy trading session as bank and chipmaker stocks weighed on the index and investors grappled with U.S.-China trade talks. All three major U.S. stock indexes posted a weekly loss as the markets reacted to reports from the U.S.-China trade summit, rising U.S
By Stephen Culp
NEW YORK (Reuters) - The S&P 500 ended lower on Friday after a choppy trading session as bank and chipmaker stocks weighed on the index and investors grappled with U.S.-China trade talks.
All three major U.S. stock indexes posted a weekly loss as the markets reacted to reports from the U.S.-China trade summit, rising U.S. government bond yields and increasing oil prices.
"I think everybody's waiting on some sort of direction on American trade talks that are occurring right now, and there's anxiety about oil prices," said Oliver Pursche, vice chairman and chief market strategist at Bruderman Asset Management in New York.
China denied accounts by some U.S. officials that it had offered a package to slash the U.S. trade deficit by up to $200 billion, but said the consultations were "constructive," in the latest salvo of tit-for-tat messages to emerge from the high-level meeting.
"Markets tend to get over that sort of thing very quickly lately," Pursche said. "You may have a statement that ... impacts sentiment and movements over a half hour or so, but it reverses back because there's so much confusion out there right now."
Relatively tariff-immune small-cap stocks continued to outperform, with the Russell 2000 <.RUT> hitting its third straight record closing high.
Yields of U.S. 10-year Treasuries
Although banks typically benefit from higher interest rates, shares of JPMorgan Chase
Some investors have expressed skepticism that the banking sector has much more room to rise unless loan growth accelerates or regulations slacken considerably.
The Dow Jones Industrial Average <.DJI> was essentially flat, ending the session at 24,715.09, the S&P 500 <.SPX> lost 7.16 points, or 0.26 percent, to 2,712.97 and the Nasdaq Composite <.IXIC> dropped 28.13 points, or 0.38 percent, to 7,354.34.
Shares of Applied Materials
The Philadelphia Semiconductor index <.SOX> ended the session down 1.4 percent, its worst loss since April 19.
Deere & Co
Campbell Soup Co
The S&P Energy index <.SPNY> dropped 0.8 percent as crude prices fell. Despite the session's decline, oil still posted its sixth consecutive weekly advance.
Declining issues outnumbered advancing ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
The S&P 500 posted 10 new 52-week highs and five new lows; the Nasdaq Composite recorded 144 new highs and 33 new lows.
Volume on U.S. exchanges was 6.18 billion shares, compared with the 6.64 billion-share average for the full session over the last 20 trading days.
(Reporting by Stephen Culp; editing by Jonathan Oatis)
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