Brocker.Org: Wall Street erases gains, closes week with small gains


Although major equity indexes were higher for the majority of the session, they started to erase their gains in the last hours of trading as investors cashed in their profits.

Technology stocks stole the spotlight on Friday as solid performances of giants like Apple, Facebook, and Microsoft boosted the S&P 500 information technology sector .SPLRCT. Although the sub-index nearly gained 1% on the day, it closed 0.67% higher. In the meantime, crude oil prices rebounded on Friday, lifting the barrel of WTI above $43 and helping the S&P 500 energy index .SPNY recover part of its weekly losses as it added 0.75%.

On the other hand, flattening yield curve continues to hurt the bank stocks, weighing on the financial index .SPSY. Despite some dovish comments from FOMC members, the sub-index dropped 0.5% on the day.

The Dow Jones Industrial Average closed virtually unchanged at 21,395.82, the S&P 500 added 4.25 points, or 0.15%, to 2,435.75, and the Nasdaq Composite gained 28.57 points, or 0.46%, to 6,265.25.

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