Stocks Avoid Europe's Slump

Cruise lines drop over pricing trends
By Newser Editors and Wire Services
Posted Jun 14, 2024 3:35 PM CDT
Stocks Avoid Europe's Slump
Specialist James Denaro works at his post on the floor of the New York Stock Exchange on Wednesday.   (AP Photo/Richard Drew, File)

US stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe.

  • The Dow fell 57.94 points, or 0.1%, to 38,589.16.
  • The S&P 500 fell 2.14 points, or less than 0.1%, to 5,431.60. It was the first day this week when it did not set an all-time high.
  • The Nasdaq rose 21.32 points, or 0.1%, to 17,688.88.

Losses were sharper across the Atlantic, the AP reports, where markets have been rocked by the results of recent elections in Europe. Wins by far-right parties have raised the pressure on France's president in particular, and investors worry it could weaken the European Union, stall fiscal plans, and ultimately hurt France's ability to pay its debt. Recent elections have also shaken markets in Mexico, India, and elsewhere. On Wall Street, RH fell 17.1% after reporting a worse loss for the latest quarter than financial analysts expected. The seller of home furnishings called this "the most challenging housing market in three decades."

Cruise-ship operators were among the market's biggest losers after analysts at Bank of America flagged softening price trends for trips. Norwegian Cruise Line dropped 7.5% for the worst loss in the S&P 500, and Carnival fell 7.1%. Stocks have nevertheless set records as hopes rise that inflation is slowing enough to persuade the Federal Reserve to cut interest rates later this year. Big technology stocks, meanwhile, continue to race ahead almost regardless of what the economy and interest rates are doing. Adobe jumped 14.5% after reporting stronger profit for the latest quarter than analysts expected. And Broadcom rose 3.3% for a second straight day of gains after reporting better profit than expected and a 10-for-1 stock split to make its price more affordable. Nvidia gained 1.8% as its total market value climb even higher above $3 trillion.

(More stock market stories.)

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