Nike, Crypto Drop, Capping Volatile Week

Dow rises 33
By Newser Editors and Wire Services
Posted Sep 24, 2021 3:10 PM CDT
Nike, Crypto Drop, Capping Volatile Week
In this file photo, pedestrians pass the New York Stock Exchange.   (AP Photo/John Minchillo, File)

It was an anticlimactic finish to a wild week on Wall Street. After big losses early in the week followed by big gains later, the major indexes were relatively muted on Friday. The Dow rose 33 points to 34,798, the S&P rose 4 points to 4,455, and the Nasdaq slipped 4 points to 15,047. When all was said and done, the benchmark S&P managed a slight gain for the week, snapping a two-week losing streak. Investors have been facing choppiness throughout September as they try to gauge how the economy will continue its recovery, per the AP. On Friday, weakness in technology stocks and health care companies offset gains by banks and industrial companies.

Worries over troubled Chinese real estate developer Evergrande are also weighing on sentiment. The company has yet to say whether it will make an $83.5 million payment that was due Thursday on a bond abroad. Nike, meanwhile, was the latest company to warn investors about supply chain problems hurting revenue. Its stock slumped 6.2% for the biggest drop in the S&P 500. Elsewhere, cryptocurrencies fell after China’s central bank declared all transactions involving virtual currencies illegal, part of its campaign to block use of unofficial digital money. Bitcoin fell 5% to about $42,000.

(Read more stock market stories.)

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