Boeing, J&J whack Dow as stocks end week lower
U.S. stocks accelerated declines on Friday late in the session led by Boeing and Johnson and Johnson the two weakest performers in the Dow Jones Industrial Average.
|I:DJI||DOW JONES AVERAGES||33629.7||+568.13||+1.72%|
|I:COMP||NASDAQ COMPOSITE INDEX||13215.303781||+114.32||+0.87%|
The three major U.S. market averages dropped nearly 1 percent with the Dow shedding over 255 points.
For the week, the Dow ended with slight declines, while the S&P 500 and Nasdaq Composite squeezed out fractional gains.
|BA||THE BOEING CO.||207.96||+2.26||+1.10%|
|JNJ||JOHNSON & JOHNSON||154.54||-0.52||-0.34%|
Boeing dropped over 6 percent on headlines that employees in 2016 may have misled the Federal Aviation Administration over safety issues related to the Max Jet.
Johnson and Johnson slipped on disclosure that it will investigate claims of asbestos contamination of its baby power amid a recall of 33,000 bottles.
Stocks began on a weak note after China's growth slipped to its lowest level in 26 years.
China's gross domestic product grew at a 6 percent rate in the July-September quarter, missing the 6.1 percent estimate that economists surveyed by Refinitiv were expecting. The data was the weakest since China's National Bureau of Statistics began keeping records 26 years ago.
It adds to pressures on global growth and ups the burden on Chinese leaders to avert politically dangerous job losses as they fight a tariff war with President Trump over Beijing's trade surplus and technology ambitions.
On the earnings front, Coca-Cola was higher after reporting in-line earnings and better-than-expected revenue. The soft-drink giant said strong Coke Zero sales and smaller cans boosted its results. Elsewhere, American Express was lower despite beating on both the top and bottom lines.
|KO||THE COCA-COLA CO.||60.00||+0.34||+0.57%|
|AXP||AMERICAN EXPRESS CO.||162.72||+4.16||+2.62%|
General Motors was ticking higher after United Auto Worker leaders decided Thursday to recommend ratification for the tentative agreement with the automaker.
|GM||GENERAL MOTORS CO.||33.02||+0.70||+2.17%|
Pacific Gas & Electric shares were gaining ground ahead of an emergency meeting with its primary regulator, the California Utilities Commission. PG&E is being asked to explain last week's decision to shut off power for 2 million people.
Investors traded cautiously ahead of Saturday's historic Brexit vote. The UK parliament will be in a rare session this Saturday, only the 4th time that's happened since the start of World War 11, as Prime Minister Boris Johnson attempts to secure a Brexit deal.
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FOX Business' Ken Martin and the Associated Press contributed to this article.