US stocks close lower as 2017 draws to a close

US stocks ended lower on Friday, the last trading day this year.

The Dow Jones Industrial Average lost 118.29 points, or 0.48 per cent, to 24,719.22. The S&P 500 decreased 13.93 points, or 0.52 per cent, to 2,673.61, Xinhua news agency reported.

The Nasdaq Composite Index was down 46.77 points, or 0.67 per cent, to 6,903.39.

The S&P 500 has gained nearly 19.4 per cent this year, its best year since 2013, with technology and consumer discretionary the top two performers.

The Dow and S&P posted the fifth straight week of gains last week after US President Donald Trump earlier this month signed a $1.5-trillion tax cut bill into law.

The tax bill, the sweeping rewrite of US tax law since 1986, would cut the corporate income tax rate to 21 per cent from the current 35 percent and lower individual income rates.

Trading has been lighter than usual this week as investors get ready for the new year holiday. With no major data came out on Friday, traders paid close attention to the moves in markets such as commodities.

Oil prices rose on Friday, with US crude trading above $60 a barrel, as a decline in US production and commercial crude inventories lifted sentiment.

--IANS

pgh/