The US markets ended the lackluster session mostly in red terrain on Friday amid concerns about the economic impact of Hurricane Irma, with the massive storm expected to make landfall in Florida early Sunday. While Irma was downgraded from a category 5 to a category 4, FEMA Administrator Brock Long warned the hurricane continues to be a threat that is going to devastate the U.S. in either Florida or some of the southeastern states. The approach of Irma comes close on the heels of Hurricane Harvey, which led to widespread devastation and flooding in Texas. Sentiments also remained dampened on concern about North Korea, which is celebrating a holiday on Saturday that could be a key date for another intercontinental ballistic missile launch.
Bucking the trend, the Dow managed to close modestly higher due largely to a substantial rebound by Travelers (TRV). Traders largely shrugged off a report from the Commerce Department showing wholesale inventories rose by more than anticipated in the month of July. The Commerce Department said wholesale inventories climbed by 0.6 percent in July, matching the downwardly revised increase in June. The street had expected inventories to rise by 0.4 percent compared to the 0.7 percent increase originally reported for the previous month. A separate report from the Federal Reserve showed consumer credit jumped by $18.5 billion in July compared to economist estimates for an increase of $15.1 billion.
The S&P 500 slipped by 3.67 points or 0.15 percent to 2,461.43, while the Nasdaq declined 37.68 points or 0.59 percent to 6,360.19, however The Dow Jones Industrial Average was up by 13.01 points or 0.06 percent to 21,797.79.