Market diary.Shucking off earlier gains during a Labor Day-shortened trading period, markets were mixed for the week ending Sept 6 on fears that a series of upbeat economic reports would prompt continued Federal Reserve rate hikes. The Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. was up 0.2 percent, while the Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed dropped 0.8 percent and Standard & Poor's 500 Index lost 0.3 percent. The LABJ LABJ Los Angeles Business Journal 200 Index was down 0.6 percent, with advancing issues outpacing decliners 98 to 90. Fourteen stocks in the LABJ index hit hew hew v. hewed, hewn or hewed, hew·ing, hews v.tr. 1. To make or shape with or as if with an ax: hew a path through the underbrush. 2. highs, while seven hit new lows. Summa Industries, which agreed to be acquired by a Swiss company just before the holiday weekend, ended the week up 79 percent to $14.76. In a switch from the previous week, the communications sector showed the largest decline, with Optical Communications Products Inc. dropping 9 percent and MRV Communications Inc., down 8 percent. The energy and utilities sector fell 6 percent, with Occidental Petroleum Corp. down 9 percent and Capstone Turbine Corp. off 4 percent. Aerospace-Defense was the only sector to show an appreciable gain for the week, up 3 percent. Despite losing a $3.9 billion NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. contract to design a next-generation lunar spacecraft, Northrop Grumman Corp. ended the week up 4 percent. Ducommun Inc., which won a $2.6 million NASA contract related to the moon project, rose 5 percent. |
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