Stocks whip around as US considers limits on flows into China
Stocks whipped around on Friday ending the session lower across the board after a report said the White House was considering placing limits on U.S. portfolio flows into China.
The Dow Jones Industrial Average and the S&P 500 closed marginally lower, while the Nasdaq fell 1 percent. For the week, all three of the major averages fell for the second consecutive week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
Wells Fargo gained nearly 4- percent after naming former Visa chief Charles Scharf as its top executive. Scharf will take over for C. Allen Parker, who was filling in after Tim Sloan departed earlier this year. Scharf is now tasked with improving the bank's relationship with regulators and stomping out practices that hurt its customers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 74.34 | +1.54 | +2.12% |
Elsewhere, Micron Technology got mauled, falling 11 percent, after warning the trade war will weigh on its first-quarter profit. The company said it sees earnings of 35 cents to 49 cents per share, below the 48 cents that was expected by analysts surveyed by IBES data from Refinitiv.
On the commodities front, oil and gold fell.
U.S. Treasurys were little changed, with the 10-year yield holding near 1.70 percent.
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FOX Business' Ken Martin contributed to this article.