Wall Street hangs around its records after European stocks slump

NEW YORK (AP) — U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe.

The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones Industrial Average dipped 57 points, or 0.1%, while the Nasdaq composite added 0.1% to its record set a day before on the back of gains for technology stocks.

Losses were sharper across the Atlantic, where markets have been rocked by the results of recent elections in Europe. Wins by far-right parties have raised the pressure on France’s president in particular, and investors worry it could weaken the European Union, stall fiscal plans and ultimately hurt France’s ability to pay its debt.

Recent elections have also shaken markets in Mexico, India and elsewhere.

France’s CAC 40 fell 2.7% to bring its loss for the week to 6.2%, its worst in more than two years. Germany’s DAX lost 1.4%.

On Wall Street, RH fell 17.1% after reporting a worse loss for the latest quarter than financial analysts expected. The seller of home furnishings called this “the most challenging housing market in three decades.”High mortgage rates have hurt the housing market, as the Federal Reserve has kept its main interest rate at the highest level in more than two decades. The central bank is intentionally slowing the economy through high rates in hopes of starving high inflation of its fuel.

Cruise-ship operators were among the market’s biggest losers after analysts at Bank of America flagged softening price trends for trips. Norwegian Cruise Line dropped 7.5% for the worst loss in the S&P 500, and Carnival fell 7.1%.


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