Stocks finished mixed Friday. The Dow added 64 points to 25444 while the S&P 500 lost 1 point to 2767. The Nasdaq Composite fell 36 points to 7449.
The Dow snapped a three week losing streak as investors digested a deluge of strong corporate earnings reports. On the data front, the lone update revealed existing home sales fell for the sixth consecutive month in September and are near the lowest level in three years. In geopolitics, President Trump and Chinese President Xi will reportedly meet at next month’s G-20 summit to negotiate a new trade pact.
Six of 11 S&P 500 sectors finished in positive territory. Consumer Staples led gainers as Procter & Gamble surged 8.8% to $87.30 after the company posted its strongest quarterly sales growth in five years. Materials lagged as DowDuPont fell 1.9% to $57.49 as the company disclosed a one-time mark-down of $4.6 billion to its agriculture business unit. The Tech sector finished slightly higher with Apple adding 1.5% to $219.31. Shares of PayPal jumped 9.4% to $84.78 after the consumer payment processor topped analyst earnings estimates.
Breadth was even on issues on the NYSE and negative on issues by 2:1 on the Nasdaq. Composite NYSE volume was more than 3.5 billion shares.
Treasuries weakened with the yield on the 10-year note up one basis point to 3.19%. In commodities, WTI crude climbed 1% to $69.32/barrel. COMEX gold lost 0.1% to $1,225.30/ounce despite a weaker dollar.
For the week, the Dow gained 0.4%, the S&P 500 added less than 0.1%, while the Nasdaq Composite declined 0.6%.