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US stocks post modest gains to conclude lacklustre week

NEW YORK – Wall Street stocks finished modestly higher on Friday, concluding a lacklustre week on a more benign note as Apple nudged higher.

Major indices spent most of the session in positive territory, in a week in which worries about higher interest rates buffeted stocks.

The S&P 500 finished at 4,457.49, up 0.1 per cent for the day but down 1.3 per cent for the week.

The Dow Jones Industrial Average gained 0.2 per cent to 34,576.59, while the tech-rich Nasdaq Composite Index advanced 0.1 per cent to 15,875.70.

Friday’s gains reflect how “investors cling onto hopes that the Fed can navigate a soft landing,” said Oanda’s Mr Edward Moya.

“This was a bad week for stocks and the laundry list of risks to the outlook may grow next week. Wall Street will be skeptical to buy any major dip if US-China tensions deteriorate, a UAW strike occurs, and default risks rise,” he added, referring to the United Auto Workers union.

Among individual companies, Apple advanced 0.4 per cent, a partial recovery after two straight losing sessions on worries over reports of a China ban on iPhones at government offices.

Kroger gained 3.1 per cent after reporting better than expected profits as the supermarket company announced a $1.4 billion fall in costs due to a national opioid settlement as it confirmed its full-year forecast.

Restoration Hardware sank 15.6 per cent after reporting a 37 per cent drop in quarterly profits to US$76.5 million (S$104 million) on lower revenues. AFP

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