Wall Street closed mixed Friday with stocks trading in a narrow range. Strong retail sales data and easing U.S.-China trade tensions spurred investors, who bought more value stocks and rotated out of tech stocks. The Dow rose for an eighth straight session. But weakness in Apple and Broadcom shares dragged the Nasdaq down. The major indexes rose for a third straight week.
Clear Harbor Asset Management CEO Aaron Kennon:
SOUNDBITE: CLEAR HARBOR ASSET MANAGEMENT CEO, AARON KENNON (ENGLISH) SAYING:
"The market observers have frankly been exhausted going into the end of the week here. We've head a lot going on in the geopolitical front. Nothing fundamentally new today."
China's Xinhua News Agency reported Beijing would exempt some U.S. pork and soybeans from additional tariffs. That drove up shares of meat processor Tyson Foods.
Broadcom shares dropped. The chipmaker's rising revenue missed analysts estimates for the third straight quarter. It said it wasn't clear when a recovery in demand for microchips would take place. That added to negative signals for Apple, whose shares were also hit by Goldman Sachs' move to cut its price target.
Shares of Etsy rose for the fifth straight session. Wedbush Securities upgraded the online craft retailer to "outperform" from "neutral," saying free shipping, among other things, will help boost order values.