Home Markets S&P 500 ends slightly up after bumpy week, but Nike drags

S&P 500 ends slightly up after bumpy week, but Nike drags

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  • Nike falls after cutting full-year sales estimate
  • Facebook, Tesla biggest gainers on S&P500
  • Crypto firms fall as China’s crackdown deepens

NEW YORK, Sept 24 (Reuters) – The S&P 500 ended slightly higher on Friday after a volatile week as gains in growth names like Facebook (FB.O) offset a dive by Nike (NKE.N) after the athletic wear company delivered a downbeat sales forecast.

Nike’s shares were the biggest drag on the Dow and the S&P 500 after it also warned of delays during the holiday shopping season, blaming a supply chain crunch. [nL4N2QP2WK Shares of footwear retailer Foot Locker (FL.N) also fell sharply.

Facebook and Tesla (TSLA.O) were the biggest boosts to the S&P 500 among individual names, although energy (.SPNY) led gains among sectors.

“Investors still are in love with growth equity,” said Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“There’s fear among institutional investors that higher…

Click here for full article…www.reuters.com