Proactive Investors - Run By Investors For Investors

Stocks close lower in abbreviated Black Friday trading as Chevron leads energy decline

Apple shares dropped after a report that its biggest iPhone assembler, Foxconn, plans to cut $2.88 billion from expenses in 2019
Wall Street sign
US stocks closed lower on Black Friday, dragged down by energy companies

US stocks closed lower Friday in an abbreviated post-Thanksgiving Day session that was dragged down by energy companies.

The Dow Jones Industrial Average fell 178.74 points, or 0.7%, to 24,285.95.

Chevron Corp (NYSE:CVX) was the biggest loser among the 30 Dow companies, falling 3.2% as crude oil prices took another hit. Exxon Mobile Corp (NYSE:XOM) also fell, dropping 2.5%.

Futures on crude fell 6.4% to $51.11 a barrel.

Goldman Sachs Group Inc (NYSE:GS) slid 1.9% after Morgan Stanley (NYSE:MS) downgraded the investment bank to “equal-weight” on concern over an investigation of its role in raising funds for a Malaysian state fund.

Apple Inc (NASDAQ: AAPL) declined 1.7% on Black Friday sales concern two days after Bloomberg reported that the biggest iPhone assembler, Foxconn, plans to cut $2.88 billion from expenses in 2019 in anticipation of a difficult year.

Leading the blue-chip winners, United Technologies Corp (NYSE:UTX) rallied 2.6% as regulators in Beijing approved the company’s $30 billion acquisition of Rockwell Collins Inc (NYSE:COL), which advanced 9.2%.

The tech-laden Nasdaq Composite shed 33.27 points, or 0.5%, to 6,938.98 points while the broader S&P 500 Index decreased 17.37 points, or 0.7%, to 2,632.56.

Small-cap stocks were little changed, with the Russell 2000 Index edging up 40 points to 1,488.68.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use