U.S. Stocks End Mixed As Fear Index Rises

NEW YORK, (APP - UrduPoint / Pakistan Point News - 20th Apr, 2024) U.S. stocks ended mixed on Saturday, as the investors reacted to the geopolitical conflicts and sticky inflation.

The Dow Jones Industrial Average rose 211.02 points, or 0.56 percent, to 37,986.4, lifted by a rally of more than 6 percent in American Express following upbeat earnings. The S&P 500 sank 43.89 points, or 0.88 percent, to 4,967.23. The Nasdaq Composite Index shed 319.49 points, or 2.05 percent, to 15,282.01, notching its longest losing streak in more than a year. Both S&P 500 and Nasdaq were poised for their sixth straight negative days, streaks not seen for either since October 2022.

Six of the 11 Primary S&P 500 sectors ended in green, with utilities and financials leading the gainers by going up 1.

47 percent and 1.35 percent, respectively. Meanwhile, technology and communication services led the laggards by dropping 3.08 percent and 2.03 percent, respectively.

Chicago Federal Reserve President Austan Goolsbee noted on Friday that efforts to reduce inflation have hit a roadblock this year, aligning with other U.S. central bankers who have shifted away from anticipating imminent interest rate cuts. "Given the strength of the labor market and progress on easing inflation seen over a longer arc, I believe the Fed's current restrictive monetary policy is appropriate. I think we have to recalibrate and we have to wait and see," he said.