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US stocks fall and bonds rally after weak PMI surveys renew concerns about growth outlook
US stocks fell sharply Friday to close down on the week after PMI surveys indicated that conditions have weakened across several major economies. The Dow fell 1.8 percent on the day and 1.3 percent on the week, the S&P dropped 1.9 percent on the day and 0.8 percent on the week, and the Nasdaq fell 2.5 percent on the day and 0.6 percent on the week. Nike posted a large decline after it reported better-than-expected earnings for the fiscal third quarter but advised that fourth quarter revenue would likely be impacted by currency moves. DowDuPont, Caterpillar, JPMorgan Chase, and Goldman Sachs were also among the weaker performers Friday.
Global stocks mixed as EU and UK leaders discuss Brexit delay
US stocks made strong gains Thursday, led by the tech sector. The Dow advanced 0.8 percent, the S&P rose 1.1 percent, and the Nasdaq increased 1.4 percent. Shares of semiconductors companies were among the strongest performers Thursday after chipmaker Micron reported solid quarterly earnings and analysts expressed confidence about the near-term outlook for chip sales. Apple also posted a large gain ahead of the expected release of new products in coming days.