Mon, 19 Apr 2021

U.S. stocks end mixed after massive losses

Xinhua
27 Feb 2021, 08:44 GMT+10

NEW YORK, Feb. 26 (Xinhua) -- U.S. stocks ended mixed on Friday, following a steep sell-off in the previous session.

The Dow Jones Industrial Average dropped 469.64 points, or 1.50 percent, to 30,932.37. The S&P 500 fell 18.19 points, or 0.48 percent, to 3,811.15. The Nasdaq Composite Index rose 72.91 points, or 0.56 percent, to 13,192.34.

Eight of the 11 primary S&P 500 sectors finished in red, with energy down 2.3 percent, leading the laggards. Technology rose 0.6 percent, outpacing the rest. The tech group shed 3.5 percent in the prior session.

U.S.-listed Chinese companies traded mostly lower, with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

The moves came after a key measure of inflation showed price pressures were muted.

U.S. personal consumption expenditures (PCE) price index rose 0.3 percent in January and was up 1.5 percent year over year, the Bureau of Economic Analysis reported on Friday.

The so-called PCE price index is the Federal Reserve's closely-watched measure of inflation, and last month's reading was below the Fed's 2-percent target.

Inflation fears have mounted on Wall Street in recent weeks. Tech mega-caps that fueled the market's first bounce from pandemic lows have seen intense selling lately amid inflation worries.

On Thursday, Wall Street's major averages closed sharply lower with the tech-heavy Nasdaq shedding 3.52 percent.

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