US stocks close mixed as market cautious about global trade

Last Updated: Thu, May 09, 2019 11:22 hrs
The Dow Jones Industrial Average is seen setting a record high close for a trading year as the final day of trading for the year draws to a close at the New York Stock Exchange (NYSE) in Manhattan, New York

New York: US stocks ended mixed on Wednesday, as investors closely followed the development regarding global trade and maintained a wait-and-see attitude toward the market.

The Dow Jones Industrial Average increased 2.24 points, or 0.01 per cent, to 25,967.33. The S&P 500 was down 4.63 points, or 0.16 per cent, to 2,879.42. The Nasdaq Composite Index was down 20.44 points, or 0.26 per cent, to 7,943.32, the Xinhua news agency reported.

Eight of the 11 primary S&P 500 sectors traded lower around market close, with the utilities sector down nearly 1.4 per cent, leading the laggards.

Half of the 30 blue-chip stocks in the Dow rose around the closing bell, keeping the Dow's overall gains in check yet still propping up the index into the green zone.

Shares of McKesson rose nearly 4.8 per cent, as the US pharmaceutical distributor's first-quarter earnings beat market estimates, thanks to its stronger surgical distribution business.

Yet shares of TripAdvisor tumbled over 11.4 per cent, after the travel review platform reported first-quarter revenue that missed market expectations.

The company also forecast a weakening growth in its non-hotel revenue.

Wall Street kicked off the third trading day with a slightly low start, with the Dow sliding a minor 0.02 per cent shortly after the opening bell.

The three major indexes erased all its morning losses around midday, and rebounded into the green territory.

Yet only the Dow kept bouncing back during afternoon sessions. The S&P 500 and the Nasdaq both retreated to slight losses.

US stocks ended sharply lower on Tuesday, as the panic among investors mounted over intensifying global trade frictions, with the Dow diving 473.39 points, or 1.79 per cent to 25,965.09.