Nike, Home Depot's stocks cut 30 points from Dow industrials in late trade

Fri, 18 Aug 2017 20:12:03 GMT

The Dow Jones Industrial Average Friday afternoon was being dragged lower by shares of Nike and Home Depot, as blue chips looked to close out another downbeat week, its fourth in succession, in negative territory. Shares of Nike Inc. , off 2.51, or 4.4%, and Home Depot Inc. , down $2.18, or 1.5%, together weighed the Dow down by more than 30 points. Each $1 move in any of the price-weighted Dow's components its equivalent to a 6.84-point swing in the equity average. Overall, the Dow closed down 76 points, or 0.4% at 21,675, adding to Thursday's drop, which was the worst for the gauge since May 17; and snapped a 63-session streak without a decline of at least 1%. The Dow ended the week down 0.8%, marking its second straight weekly drop, a sign that the industrials may be losing momentum after a run of repeated all-time highs. Friday's trade was volatile as the market, during a thinly traded August session, reacted to political news events, notably the announcement that White House adviser Stephen Bannon was ousted amid a fervor of President Donald Trump's reaction to a white-supremacist rally over the weekend. Meanwhile, the S&P 500 index finished down 0.2% at 2,425, while the Nasdaq Composite Index wrapped 0.1% lower at 6,216. Both indexes reversed earlier slight gains to finish in the red, as selling pressure intensified at the close.

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