US close: Stocks sharply lower amid economic growth fears
By Iain Gilbert
Date: Friday 21 Feb 2025
(Sharecast News) - Wall Street stocks turned in big losses again on Friday amid fears that the US economy was slowing.
At the close, the Dow Jones Industrial Average was down 1.69% at 43,288.02, while the S&P 500 lost 1.71% to 6,013.13 and the Nasdaq Composite saw out the session 2.20% weaker at 19,524.01.
The Dow closed 748.63 points lower on Friday as the blue-chip index delivered its worst single-day loss so far this year.
The University of Michigan's consumer sentiment index was in focus on Friday as it was downwardly revised in February, dropping from 67.8 to 64.7 for the lowest reading since November 2023.
Elsewhere, existing home sales fell by 4.9% to 4.08m in January, according to the National Association of Realtors, the sharpest decline since for seven months and falling short of expectations for a reading of 4.12m.
UnitedHealth shares headed south after The Wall Street Journal revealed that the health insurance giant was under investigation by the Justice Department for incentivising Doctors to find additional diagnoses for lucrative conditions, claiming that UnitedHealth-employed doctors were trained to "document revenue-generating diagnoses, including some they felt were obscure or irrelevant".
Retail giant Walmart also traded lower after issuing some weaker-than-expected guidance that also led to concerns regarding the state of the economy and consumer sentiment.
On another note, S&P Global's manufacturing PMI rose to 51.6 in February, according to preliminary estimates, up from 51.2 in January and ahead of expectations of 51.5 for the highest reading since June 2024. Factory output grew for a second straight month, while new order growth slowed.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Amgen Inc. (AMGN) $303.01 2.96%
Merck & Co. Inc. (MRK) $89.50 2.08%
Coca-Cola Co. (KO) $71.35 1.87%
Procter & Gamble Co. (PG) $170.23 1.81%
Johnson & Johnson (JNJ) $162.30 1.64%
Verizon Communications Inc. (VZ) $42.76 0.64%
McDonald's Corp. (MCD) $304.81 0.58%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Chemical Co. (DOW) $39.51 -0.20%
Apple Inc. (AAPL) $245.55 -0.25%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $466.42 -7.17%
Walgreens Boots Alliance, Inc. (WBA) $10.16 -6.87%
Intel Corp. (INTC) $24.87 -3.44%
American Express Co. (AXP) $295.40 -2.78%
3M Co. (MMM) $144.98 -2.75%
Salesforce.Com Inc. (CRM) $309.80 -2.71%
Caterpillar Inc. (CAT) $340.04 -2.61%
Goldman Sachs Group Inc. (GS) $625.60 -2.59%
Walmart Inc. (WMT) $94.78 -2.50%
Home Depot Inc. (HD) $385.30 -2.37%
S&P 500 - Risers
PepsiCo Inc (PEP) $153.50 5.30%
Mondelez International Inc. (MDLZ) $64.67 4.83%
Kraft Heinz Co. (KHC) $31.13 4.32%
Hershey Foods Corp. (HSY) $172.86 4.07%
ConAgra Brands Inc (CAG) $25.79 3.82%
Archer-Daniels-Midland Co. (ADM) $48.19 3.52%
Monster Beverage Corp (MNST) $53.00 3.51%
Brown Forman Corp. Class B (BF.B) $32.06 3.49%
Amer Water Works (AWK) $132.68 3.12%
General Mills Inc. (GIS) $61.00 3.06%
S&P 500 - Fallers
Akamai Technologies Inc. (AKAM) $76.73 -23.45%
Illumina Inc. (ILMN) $94.20 -10.05%
United Airlines Holdings Inc (UAL) $95.89 -9.29%
TripAdvisor Inc. (TRIP) $15.11 -7.89%
Unitedhealth Group Inc. (UNH) $466.42 -7.17%
Walgreens Boots Alliance, Inc. (WBA) $10.16 -6.87%
Alaska Air Group Inc. (ALK) $70.18 -6.87%
Norwegian Cruise Line Holdings Ltd (NCLH) $24.11 -6.11%
QUALCOMM Inc. (QCOM) $165.43 -6.10%
MGM Resorts International (MGM) $36.00 -6.01%
Nasdaq 100 - Risers
Mercadolibre Inc. (MELI) $2,260.00 8.99%
Mondelez International Inc. (MDLZ) $64.67 4.83%
Kraft Heinz Co. (KHC) $31.13 4.32%
Monster Beverage Corp (MNST) $53.00 3.51%
Amgen Inc. (AMGN) $303.01 2.96%
Incyte Corp. (INCY) $72.11 2.76%
NetEase Inc. Ads (NTES) $103.24 2.68%
Vertex Pharmaceuticals Inc. (VRTX) $484.24 1.99%
Gilead Sciences Inc. (GILD) $109.95 1.98%
Biogen Inc (BIIB) $140.64 1.77%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $94.20 -10.05%
Walgreens Boots Alliance, Inc. (WBA) $10.16 -6.87%
QUALCOMM Inc. (QCOM) $165.43 -6.10%
Cadence Design Systems Inc. (CDNS) $258.34 -5.86%
Lam Research Corp. (LRCX) $86.02 -5.85%
Microchip Technology Inc. (MCHP) $61.07 -5.71%
Align Technology Inc. (ALGN) $190.43 -5.28%
Micron Technology Inc. (MU) $98.84 -5.20%
Tesla Inc (TSLA) $337.80 -4.89%
American Airlines Group (AAL) $15.23 -4.42%
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