Connect with us

Business

Wall Street ends higher but indexes mark worst week in more than two months – Reuters

Published

 on


(Reuters) – U.S. stocks ended higher on Friday as bargain hunters stepped back into the market following sharp losses a day earlier, but all three major indexes suffered their biggest weekly percentage declines since March.

The day’s trading was marked by wild swings, with the S&P 500 up about 3% at its high of the session and down about 0.6% at the low.

The Federal Reserve’s indication earlier this week of a long road to recovery and rising COVID-19 cases in the United States had cast a pall over investor optimism about a swift economic rebound, and the S&P 500 dropped about 6% on Thursday.

“You’ve gotten a pretty sizeable dip, and there’s probably some fear of missing out, some trying to (take) some value while it’s there,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

The S&P 500 closed well above its 200-day moving average, a closely watched technical level, after moving above and below the level during the session.

The financial and technology sectors gave the biggest boosts to the S&P 500.

The Dow Jones Industrial Average rose 477.37 points, or 1.9%, to 25,605.54, the S&P 500 gained 39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite added 96.08 points, or 1.01%, to 9,588.81.

For the week, the Dow ended down 5.6%, the S&P 500 fell 4.8% and the Nasdaq shed 2.3%, the biggest weekly percentage declines for the indexes since the week ended March 20.

The Cboe Volatility index ended down on the day but registered its biggest weekly gain since the week ended March 13.

Earlier this week, the Nasdaq confirmed it had been in a bull market since March 23 and the S&P 500 briefly turned positive on the year.

On Friday, Photoshop maker Adobe Inc rose 4.9% after posting a better-than-expected quarterly profit, driven by strong demand for its cloud software.

Yoga apparel maker Lululemon Athletica Inc fell 3.8% after posting lower-than-expected quarterly results following coronavirus-induced store closures.

Traders exit the 11 Wall St. door of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 11, 2020. REUTERS/Brendan McDermid

Advancing issues outnumbered declining ones on the NYSE by a 3.14-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 23 new highs and seven new lows.

Volume on U.S. exchanges was 13.08 billion shares, compared to the 12.90 billion average for the full session over the last 20 trading days.

Additional reporting by Medha Singh and Devik Jain in Bengaluru, additional reporting by Terence Gabriel in New York and Pawel Goraj in Gdansk; Editing by Cynthia Osterman

Let’s block ads! (Why?)



Source link

Business

Afterpay delays vote on $29 billion buyout as Square awaits Spain’s nod

Published

 on

Afterpay Ltd will delay a shareholder meet to approve Square Inc’s $29-billion buyout of the Australian buy now, pay later leader, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.

The investor meet was set for Dec. 6, but Afterpay said it would likely take place next year as Square, which has rebranded itself to Block Inc, is likely to get an approval from the Bank of Spain only in mid-January.

The delay is unlikely to impact the completion of Australia‘s biggest deal, which is set for the first quarter of 2022, Afterpay said.

“We continue to believe the risks of the transaction closing are minimal,” RBC Capital Markets analyst Chami Ratnapala said in a brief client note.

Meanwhile, Twitter Inc co-founder Dorsey is expected to focus on Square after stepping down as chief executive of the social media platform as it looks to expand beyond its payment business and into new technologies like blockchain.

Afterpay shares fell more than 6%, far underperforming the broader Australian market, tracking Square’s 6.6% drop overnight in U.S. market on worries over the Omicron variant.

 

(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; Editing by Anil D’Silva, Rashmi Aich and Arun Koyyur)

Continue Reading

Business

Canada Goose under fresh fire in China over no-return policies

Published

 on

China’s top consumer protection organisation has warned Canada Goose Holdings Inc against “bullying” customers in China with its return policies, just three months after the winterwear brand was fined for false advertising.

The premium down jacket manufacturer has been a hot topic on Chinese social media in recent days over its handling of a case involving a customer who wanted a refund of her purchases amounting to 11,400 yuan ($1,790.17) after finding quality issues.

She said she was told by Canada Goose that all products sold at its retail stores in mainland China were strictly non-refundable, according to her account which went viral online.

State-backed media such as the Global Times newspaper later cited Canada Goose as denying that it had a no-refund policy and that all products sold at its retail stores in mainland China were refundable in line with Chinese laws. The company did not respond to Reuters’ request for comment.

That has not failed to quell criticism of the brand.

“No brand has any privileges in front of consumers,” the government-backed China Consumer Association (CCA) said in an opinion piece posted on its website on Thursday morning.

“If you don’t do what you say, regard yourself as a big brand, behave arrogantly and in a superior way, adopt discriminatory policies, be condescending and bully customers, you will for sure lose the trust of consumers and be abandoned by the market,” the CCA said.

Representatives of the brand were summoned for talks on Wednesday by the Shanghai Consumer Council to explain its refund policy in China.

The dressing down of Canada Goose comes as tension between China and Western countries has fuelled patriotism and driven some shoppers to turn to home-grown labels.

Canada Goose was also fined 450,000 yuan in September in China for “misleading” consumers in its ads.

($1 = 6.3681 Chinese yuan renminbi)

 

(Reporting by Sophie Yu, Brenda Goh; Editing by Kim Coghill)

Continue Reading

Business

Apple tells suppliers demand for iPhone 13 lineup has weakened – Bloomberg News

Published

 on

Apple Inc has told its component suppliers that demand for the iPhone 13 lineup has slowed, Bloomberg News reported on Wednesday, citing people familiar with the matter, signaling that some consumers have decided against trying to get the hard-to-find item.

 

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Arun Koyyur)

Continue Reading

Trending