Markets Wrap Up a Losing Week

Dow falls 187 points
By Newser Editors and Wire Services
Posted Jul 7, 2023 3:16 PM CDT
Markets Wrap Up a Losing Week
File photo of the floor of the New York Stock Exchange.   (AP Photo/Seth Wenig, File)

Wall Street ended in negative territory on Friday after data suggested the US job market is still warm enough to keep the economy growing but maybe not so hot that it stokes inflation much higher, per the AP.

  • The S&P 500 fell 12 points, or 0.2%, to 4,398.
  • The Dow fell 187 points, or 0.5%, to 33,734.
  • The Nasdaq fell 18 points, or 0.1%, to 13,666.
  • All three indexes fell for the week, with the Dow falling the most at about 1.5%, per CNBC. The other two were off by less than 1%.

Stocks in the energy industry were among Wall Street's biggest gainers Friday as the price of oil climbed. Oilfield services provider Schlumberger jumped 8.6%, Halliburton climbed 8.2%, and Diamondback Energy rose 5.3%. Higher crude prices also helped stocks of solar companies, which got an added boost after First Solar announced a $1 billion credit facility from a group of banks. First Solar is building factories and making other expansions, and its shares gained 4.2%.

Stocks of smaller companies also rose more than the rest of the market. Not only do investors see them as moving more closely with the strength of the US economy than big multinational companies, smaller stocks are also viewed as being more dependent on lower interest rates. The Russell 2000 index of smaller stocks rose 1.7%. On the losing side of Wall Street was Levi Strauss, which tumbled 6.4% despite reporting slightly stronger profit for the latest quarter than analysts expected. It cut its forecasted range for earnings for the full year, as its US wholesale business remains under pressure. Costco Wholesale fell 1.6% after reporting its growth in sales slowed in June from May.

(More stock market stories.)

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