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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 offset a dive by Nike 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 also fell sharply.
Facebook and Tesla were the biggest boosts to the
S&P 500 among individual names, although energy 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
interest rates will depress the growth equity multiple, but
retail investors just love their growth equities, the ones they
know and whose earnings remain strong."
Stocks fell sharply at the start of the week due to concerns
over a default by China's Evergrande and its potential
risk to global financial markets and also ahead of the
Wednesday's Federal Reserve statement.
Unofficially, the Dow Jones Industrial Average rose
34.36 points, or 0.1%, to 34,799.18, the S&P 500 gained
6.58 points, or 0.15%, to 4,455.56 and the Nasdaq Composite
dropped 3.94 points, or 0.03%, to 15,048.31.
"It's been a very volatile week to say the least, so I think
going into the last week of September the volatility is likely
to continue especially with the end-of-the-quarter window
dressing," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
Investors are also looking for signs of progress on
President Joe Biden's spending and budget bills.
Also, shares of cryptocurrency-related firms Coinbase Global
, MicroStrategy Inc, Riot Blockchain
and Marathon Patent Group fell after China's central
bank put a ban on crypto trading and mining.
(Reporting by Caroline Valetkevitch; additional reporting by
Devik Jain in Bengaluru; Editing by Maju Samuel and David