16 June 2017•Update: 16 June 2017
By Ovunc Kutlu
NEW YORK
The stock market closed mixed Friday as retail giants posted big losses after Amazon announced a deal to buy Whole Foods.
The Dow rose 24 points to finish the day at 21,384 and posted a weekly gain of 0.5 percent. The S&P added less than a point to 2,433 and rose 0.1 percent for the week.
The Nasdaq, however, lost 13 points to close at 6,151 – posting a l 0.9 percent loss this week.
The Dow provided gains for four weeks in a row but the Nasdaq declined for the second consecutive week.
E-commerce giant Amazon announced it would buy high-end grocery chain Whole Foods for $14 billion.
The companies saw their shares increase 2.4 percent and 29.1 percent, respectively; but, competitors' stocks performed poorly as investors expect the deal to bring intense competition to the U.S. retail food sector.
Walmart stock declined 4.6 percent, while Costco shares fell 7.2 percent and Target stocks lost 5.1 percent.
