Stocks – S&P Notches Best Quarter Since 2013

© Reuters. The S&P ended the day flat. – The S&P 500 notched its best quarter in nearly five years, despite closing flat on Friday as Facebook slumped following a security breach.

The rose about 0.07%, The was flat, while the rose about 0.05%. For the quarter, the S&P 500 rose 7.2%, the best gain since the fourth quarter of 2013.

Just months after Facebook vowed to beef up its security practices, cyber criminals infiltrated the social media giant’s platform and gained control of millions of user accounts, prompting investors to abandon the company’s shares.

Facebook (NASDAQ:) fell 2.6%, dragging the broader market into negative territory.

Financials also kept a lid on gains, as investors remained wary of initiating bullish bets on bank stocks, even as the Federal Reserve raised rates earlier this week and hinted at further rate hikes, with next one expected at year-end.

JPMorgan Chase (NYSE:), Goldman Sachs (NYSE:) and Citigroup (NYSE:) closed lower.

On the corporate earnings front, BlackBerry (NYSE:) rose 12% after its fiscal second-quarter earnings and revenue topped analysts’ expectations.

Lingering investor concerns about trade also weighed on sentiment as U.S.-Canada talks showed little sign of progress ahead a Sept. 30 deadline.

Both sides have dug in their heels in negotiations as Canadian Prime Minister Justin Trudeau appears intent on ensuring a good deal for Canada, while President Donald Trump has hinted that his administration could proceed with a NAFTA revamp without Canada.

Energy was of little help to the broader market, ending the day lower despite a rise in oil prices on expectations global oil supplies could be pressured by a loss of Iranian crude exports as U.S. sanctions loom.

On the New York Mercantile Exchange for November delivery gained 1.6% to settle at $73.25 a barrel.

Investors also had to contend

Read More Here...

Bookmark the permalink.