Business

Wall Street falls for fifth straight week

NEW YORK: Wall Street stocks finished another down week on a positive note on Friday, climbing ahead of a holiday weekend.

The Dow Jones Industrial Average climbed 0.4 per cent to 25,585.69. But this was not enough to prevent the index from falling for the fifth straight week, its longest such streak since 2011.

The broad-based S&P 500 added 0.1 per cent at 2,826.06, while the tech-rich Nasdaq Composite Index also edged up 0.1 per cent to 7,637.01.

After a strong run for the stocks in the first four months of the year, fresh trade war anxiety has roiled markets throughout May as the US and China announced new tariff measures amid sharpening rhetoric between Beijing and Washington.

The two sides still have not scheduled another round of negotiations, although bothcountries have vowed to keep talking.

"The lack of a trade agreement is probably the biggest thing confronting the market going forward," said Mr Bill Lynch, director of investment at Hinsdale Associates.

US data showed sales of US-manufactured goods in May fell to their lowest level in nine months, as American companies sold fewer cars and planes and less factory equipment.

Analysts described Friday's trading volume as light ahead of the Memorial Day weekend. US markets will be closed today. - AFP

BUSINESS & FINANCE