Dow hits new record on mixed day
Wall Street capped a milestone-setting week Friday with a mixed finish for the major U.S. stock indexes and the second all-time high in two days for the Dow Jones Industrial Average, thanks largely to gains in Boeing and McDonald’s..
An afternoon sell-off erased modest gains for the S&P 500 that had the benchmark index on track to eke out its own record high for much of the day.
Losses for technology companies and retailers, two of the market’s hottest sectors this year, offset gains in energy and industrial stocks.
“When you have a big up week like we’ve had, we’re at all-time highs, for people to take a little bit of risk off the table going into the weekend isn’t a big surprise,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
The Dow and S&P 500 each ended the week with their 10th weekly gain in the past 12 weeks.
Coming off Thursday’s record-setting rally, trading was listless for much of Friday. A couple of factors may have contributed to the market’s late-afternoon pullback.
Friday was “quadruple witching” day, when options and futures contracts expire, which often results in heavy trading.
Also, next Monday the S&P 500 is changing the lineup of the 11 company sectors that make up the benchmark index. Technology giants Google and Facebook will join Netflix and 15 other companies in a new communications services sector. The change forces exchange-traded funds, or ETFs, and other funds that track the S&P 500’s sectors to make trades to reflect the new alignment of the index.
Twitter: Privacy bug affects messages
NEW YORK – Twitter says it found a software bug that may have sent some private messages to the wrong people.
But the company says the problem specifically involved direct messages or protected tweets sent to businesses and other accounts overseen by software developers.
The issue, which started in May 2017, could in some cases have directed messages to the wrong developer. The company discovered and fixed the flaw on Sept. 10.
Twitter says less than 1 percent of its 335 million users were affected, and notes that it hasn’t seen evidence that any actual messages were misdelivered.
Twitter says it has notified anyone who was affected by the bug.
Trade official to rule on dumping spat
GENEVA – A World Trade Organization arbitrator will step into a years-old dispute brought by China over U.S. anti-dumping measures.
A trade official said Friday the arbitration was triggered automatically after the U.S. objected to Beijing’s request for authorization to retaliate against more than $7 billion worth of U.S. goods in the case.
The case originated with a Chinese challenge nearly five years ago over 40 U.S. anti-dumping rulings against Chinese goods, which the U.S. says were sold below market value.
In 2017, the WTO’s appellate body ruled largely in favor of China. Beijing insists the U.S. has not complied. The arbitrator has until Oct. 21 to rule on the issue, but such cases often go past the deadline.
The standoff comes amid a high-profile showdown between China and the Trump administration over trade.
Tourism threatens ‘Game of Thrones’ town
Marc van Bloemen has lived in the old town of Dubrovnik, a Croatian citadel widely praised as the jewel of the Adriatic, since he was a child. He says it used to be a privilege. Now it’s a nightmare.
Crowds of tourist clog the entrances to the ancient walled city, a UNESCO World Heritage Site, as huge cruise ships unload thousands more daily. People bump into each other on the famous limestone-paved Stradun, the pedestrian street lined with medieval churches and palaces, as fans of the popular TV series “Game of Thrones” search for the locations where it was filmed.
Dubrovnik is a prime example of the effects of mass tourism, a global phenomenon in which the increase in people traveling means the standout cites get overwhelmed by crowds.
This article provided by NewsEdge.