Stocks Fall Despite Solid Retail Sales; Nvidia Soars On Earnings – Investor’s Business Daily

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The stock market ended the week with sharp losses, with the Dow Jones industrial average and S&P 500 bearing the brunt of the selling. Lower volume softened the blow, but more damage was done in a variety of sectors.

The Dow lost 1%, the S&P 500 fell 0.8%, and the Nasdaq eased 0.4% Friday.

The Dow suffered its third straight weekly price decline, falling 1.2%. The S&P 500 also fell for the third straight week, dropping 0.5%. The Nasdaq lost ground for the fourth straight week, down 0.4%. The S&P 500 ended the week 4% off its 52-week high. The Nasdaq is 10% off its high.

Laggards in the S&P 500 included Nordstrom (JWN), shares of which fell 13% on weak earnings. Freeport McMoRan (FCX), select oil and gas names and some transports also lagged.

West Texas Intermediate crude oil lost just over 1% to $46.21 a barrel. For the week, it rose more than 3%.

In the stock market today, Dow component Apple (AAPL) edged upward but closed well off session highs despite news of a $1 billion investment in a China ride-sharing firm.

Nvidia (NVDA) was the star of the day on the Nasdaq. Shares popped 15% after the company reported strong earnings late Thursday.

How does Nvidia rank in its industry group? Find out at IBD Stock Checkup.

Middleby (MIDD) followed through after Thursday’s earnings-inspired gain. Shares rose another 2.5% after rising 5% Thursday. It’s now 4% above a 113.23 buy point.

Small cap BioTelemetry (BEAT) is showing positive action as it works on a cup-with-handle base with a 16.10 buy point.

In economic news, retail sales jumped 1.3% in April, nicely above expectations for a 0.9% increase.

Lost in the shuffle Friday was a strong reading on consumer confidence from the University of Michigan. The preliminary reading for May registered 95.8, well above expectations and nicely above April’s final reading of 89.