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The Dow Jones Industrial Average slumped on Friday as the banking sector declined. The Dow industrials ended 122.91 points, or 0.5%, lower at 24,360.14, with nearly 80 points of that downdraft produced by declines in JP Morgan Chase & CO. and Boeing Co. . The slide for JP Morgan, down 2.7%, came even as the banking behemoth released results for the first-quarter that were better than expected, along with a number of other upbeat earnings reports from the banking sector. Still, that group was the greatest drag on the broader market. Part of the reasoning is that expectations for earnings to outperform have set up a scenario in which investors are taking profits after the fact, rather than placing further bets on banks, market participants said. Meanwhile, the S&P 500 index closed off 0.3% at 2,656.30, with the banking sector , down 1.6%, while the Nasdaq Composite Index closed down 0.5% at 7,106.65.
Facebook Inc. spent nearly 37 times the typical worker's salary on private security and private jets for Chief Executive Mark Zuckerberg's security in 2017, the company said late Friday in a Security and Exchange Commission filing. Zuckerberg received $1 in compensation and received no stock, but the company said the company paid for his security at private residences, and during personal travel, which included the use of private aircraft. Facebook spent $7.3 million on private security and $1.5 million in 2017 on Zuckerberg's use of private aircraft; the company spent $5.8 million on security for Zuckerberg in the year-earlier period. "Because of the high visibility of our company, our compensation & governance committee has authorized an 'overall security program' for Mr. Zuckerberg to address safety concerns due to specific threats to his safety arising directly as a result of his position as our founder, Chairman, and CEO," the filing said. "We require these security measures for the company's benefit because of the importance of Mr. Zuckerberg to Facebook, and we believe that the costs of this overall security program are appropriate and necessary." According to the filing the median compensation for Facebook employees was $240,430 in 2017, a figure which does not include contractors or workers employed through third-party providers. The highest compensation for an executive was Chief Operating Officer Sheryl Sandberg, who was awarded $25.2 million in total compensation. Facebook stock is up a fraction in after hours trading Friday and closed up 1% to $164.52 during the regular session. Facebook stock has fallen 6.7% this year, as the S&P 550 index has fallen less than 1%.
Treasury yields are little changed, as traders focus on upbeat corporate earnings, momentarily shaking off some of the geopolitical worries that had underpinned appetite for assets perceived as havens.
An exchange-traded fund that tracks the cannabis-related industry spiked on heavy volume on Friday, after the Washington Post reported that President Donald Trump promised Sen. Cory Gardner that he would support congressional efforts to protect states that have legalized marijuana. The Horizons Marijuana Life Sciences Index ETF surged 6.5%. The ETF, which is listed on Toronto's exchange, traded on volume of more than 940,000 shares, nearly twice its 30-day average. Another fund, the ETFMG Alternative Harvest ETF , rose 4.7% and saw volume of nearly 1.5 million shares, significantly higher than its 30-day average, which is below 280,000. For both, the day's move was the biggest one-day percentage gain since Feb. 8, as well as their fourth straight positive session. The Dow Jones Industrial Average fell 0.5% on Friday while the S&P 500 closed down 0.3% and the Nasdaq Composite Index closed down 0.5%.
U.S. equity markets closed lower on Friday, led by a selloff in banking stocks, but the main indexes still posted weekly gains. The first-quarter earnings season kicked off with the releases from J.P.Morgan, Citigroup Inc. and Wells Fargo. But shares of banks fell sharply even as the profits were in line or above expectations. The Dow Jones Industrial Average fell 122.91 points, or 0.5%, to 24,360.14 but ended the week 1.8% higher. The S&P 500 index declined 7.69 points, or 0.3% to 2,656.30 and booked a 2% weekly gain. Meanwhile the Nasdaq Composite was down 33.60 points, or 0.5% to 7,106.65, but finished the week with a 2.8% gain. Among the worst performers on the S&P 500, Wells Fargo & Company fell 3.4% as revenues declined while JPMorgan lost 2.7%.
Nasdaq Composite ends week higher by 2.8%
Dow Jones Industrial Average books weekly gain of 1.8%
S&P 500 up by 2% for the week
Nasdaq Composite Index ends lower by 0.5%
Dow Jones Industrial Average sheds 122 points
S&P 500 down by 0.3%
Stocks end lower to trim solid weekly gains after bank earnings
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The S&P 500 closed below a key technical level for the first time in nearly two years on Monday, a sign that stock investors could be in for more turbulence ahead.
The stock rout accelerated Monday morning as a $10 billion trade hit the S&P 500 futures market.
An unusually large trade in Nasdaq futures roiled prices shortly before the market opened and the tech sell-off resumed Wednesday morning.
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Despite UBS maintaining its pessimistic views on Chipotle Mexican Grill (CMG), the stock price of the company increased by 1.7% to $327.86 on March 26, 2018.
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IPC Indice de Precios Y Cotizaciones |
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Concho Resources Inc. | |||
Apache Corp. | |||
Broadcom Inc. | |||
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Occidental Petroleum Corp. |
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Under Armour Inc. Cl C | |||
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Advance Auto Parts Inc. | |||
Wells Fargo & Co. | |||
Under Armour Inc. Cl A | |||
Nektar Therapeutics | |||
Tractor Supply Co. | |||
Martin Marietta Materials Inc. | |||
KeyCorp | |||
Cardinal Health Inc. |