On a day when NJ Governor Chris Christie officially endorsed Donald Trump as the Republican Presidential nominee, markets struggled to gain any ground. The markets finished mixed on Friday but up for the week. There was continued concern about the solvency of Puerto Rico after the island’s governor said he wants Congress to grant Puerto Rico Chapter 9 bankruptcy rights. According to money.cnn.com:
All 50 states have bankruptcy rights, but not Puerto Rico. It wouldn’t allow the island to declare bankruptcy, but it would enable cities and other municipal entities to do so. It’s the law Detroit used when it filed for bankruptcy in 2013. Under Chapter 9, a municipality has to show that it is close to broke and can’t pay its debt, and the bankruptcy court then allows it to reorganize. Puerto Rico says it will run out of money by this summer. It has already defaulted twice. The country’s economy is shrinking, and its population has dwindled by 440,000 in the past decade, making it even more difficult to generate enough tax revenue to pay the debt.
The other big news today was word that Wall Street has started cutting back on it’s outlook for growth this year.
See what CNBC’s “Squawk Box” had to say about it.
Here are the final numbers from Friday, 2/26/16 on Wall Street
Dow Jones Industrial Average: 16,639.97 (-57.32 / -0.34 %)
NASDAQ: 4,590.47 (+8.27 / +0.18 %)
S&P 500: 1,948.05 (-3.65 / -0.19 %)