Wall Street closed its third winning week in the past four with a quiet finish on Friday, the AP reports.
- The Dow dropped 142.30 points to 44,342.19, dropping 0.1% for the week.
- The S&P 500 slipped 0.57 to 6,296.79 points, up 0.6% for the week.
- The Nasdaq rose 10.01 to 20,895.66, a rise of 1.5% for the week.
Norfolk Southern chugged 2.5% higher after an AP source said it's talking with Union Pacific about a merger to create the largest railroad in North America, one that would connect the East and West coasts. Union Pacific's stock fell 1.2%. The heaviest weight on the market, meanwhile, was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit. Analysts said it wasn't a surprise given the stock had already soared 43% for the year coming into the day, six times more than the gain for the S&P 500.
American Express likewise delivered a better-than-expected profit report, but its stock lost 2.3%. Analysts pointed to slowing growth in some underlying trends, such as the number of cards it issued. Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain. Stronger-than-expected profit reports for the spring did help several stocks rally. Charles Schwab climbed 2.9%, Regions Financial jumped 6.1%, and Comerica added 4.6%.
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