Wall Street see-saws as momentum slows after five-day rally

From Reuters - February 16, 2018

(Reuters) - U.S. stocks swung between losses and gains on Friday as lower U.S. crude oil prices and disappointing earnings reports from Kraft Heinz and other consumer companies sapped some of the momentum built in the past five sessions.

Still, even at current levels, Wall Streets three major indexes are set for a strong finish to the week, firming their pull back from last weeks sell-off as investors shrug off inflation fears and focus on economic and earnings growth.

Kraft Heinz (KHC.O) dropped more than 5 percent after the companys quarterly profit and sales missed analysts estimates due to lower shipments for nuts, natural cheese and cold cuts in the United States.

VF Corp (VFC.N) fell 7.5 percent after the apparel and footwear maker reported quarterly profit and revenue slightly below analysts estimates.

PepsiCo PEP.N and Walmart (WMT.N) both fell over 1 percent, and along with Kraft Heinz pulled the S&P consumer staples index .SPLRCS down 0.45 percent.

Energy stocks .SPNY were a bigger drag though, falling 0.75 percent as U.S. crude prices fell half-a-percent.

By 9:37 a.m. ET, the Dow Jones Industrial Average .DJI had gained 0.13 percent to trade at 25,233.18. The S&P 500 .SPX was up 0.02 percent at 2,731.68 and the Nasdaq Composite .IXIC rose 0.02 percent to 7,257.81.

The S&P and Dow each gained 4.3 percent in the past four sessions, putting the S&P on track for its best week since January 2013 and the Dows best since November 2016.


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