- Nike falls after cutting full-year sales estimate
- Facebook, Tesla biggest gainers on S&P500
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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.
“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…