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U.S. Market Weekly Summary – Week Ending 08.11.2017

S&P 500 Posts 1.4% Weekly Drop in Broad Decline Led by Energy, Financials; Consumer Staples Only Gainer
The Free Press WV

The Standard & Poor’s 500 index fell 1.4% this week, with the energy and financial sectors leading a broad decline amid concerns about tensions between the US and North Korea.

The market benchmark ended the week at 2,441.32, down from last Friday’s closing level of 2,476.83. The energy sector had the largest percentage decline of the week, down 2.9%, while the financial sector wasn’t far behind with a 2.7% drop. The materials sector was also down more than 2% while another six sectors were down by at least 1% each. Just one managed to eke out a gain this week: Consumer staples added a mere 0.1%.

The week’s broad decline came as threats were exchanged between the US and North Korea, with US President Donald Trump’s “fire and fury” remark drawing particular attention.

The energy sector’s drop also came as the Organization of the Petroleum Exporting Countries released data showing its oil output increased in July even as OPEC has been trying to cut down on oversupply. Among the week’s decliners, Chesapeake Energy (CHK) tumbled 8.6%, Apache (APA) shed 6.3% and Concho Resources (CXO) lost 2.8%.

Financial stocks were among the hardest-hit by investors’ move away from riskier assets amid the concerns about tensions between the US and North Korea. Among the decliners, MetLife (MET) shares fell 13% this week after the insurance company completed its spin-off of Brighthouse Financial (BHF) and said it is seeking consent from holders of four outstanding series of junior subordinated debt and MetLife Capital Trust IV’s trust securities to amend supplemental indentures.

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