Hurricane Irma raises anxiety levels on Wall Street.
U.S. stocks traded mixed on Friday, as investors braced for Hurricane Irma to make landfall on Florida’s southern shore this weekend.
The benchmark S&P 500 Index (NYSEARCA:SPY) slipped 0.2% to close at 2,461.43.
Losses were mainly concentrated in five of 11 S&P 500 sectors, with energy, consumer staples and technology leading the decline. On the flipside, gains were reported for financials and industrials shares.
Falling tech shares weighed on the Nasdaq Composite Index (NYSEARCA:QQQ), which fell 0.6% to close at 6,360.90.
The Dow Jones Industrial Average (NYSEARCA:DIA) reported gains of 0.1%, as the Travelers Cos insurance company rebounded. The Dow closed at 21,797.79. Despite the gain, the Dow finished lower for the week along with the S&P 500 and Nasdaq.
The Chicago Board Options Exchange (CBOE) Volatility Index (NYSEARCA:VXX) rose on Friday, settling up 4.9% at 12.12. Volatility has been gradually rising since early August.
In commodities, oil prices declined sharply on Friday. U.S. West Texas Intermediate (WTI) futures fell $1.54, or 3.1%, to settle at $47.55 a barrel on the New York Mercantile Exchange. ICE Brent futures, the international benchmark, declined 74 cents, or 1.4%, to $53.75 a barrel.
The Final Word: Anxiety is rising as the deadly Hurricane Irma approaches Florida. The storm’s damage is expected to top $135 billion, with some estimates showing a price tag of $200 billion. That would make Irma the costliest hurricane in the nation’s history.