S&P Continues Fight to Reach All-Time High
August 14,2020 12:25 pm EST
Stocks dipped on Friday as the S&P 500 attempted once more to reach its February record high.
The Dow Jones Industrials recovered 41.89 points to reach noon hour at 27,938.61.
The S&P 500 gained back 2.30 points to 3,375.73. The broader market index has also traded above its record closing high several times this week before falling short of the milestone.
The NASDAQ sank 29.29 points to 11,013.21.
Shares of Facebook dropped 0.8%, and Amazon lost 1.2%. Alphabet shares dipped 0.9% and Apple traded 1.4% lower. Stocks benefiting from the economy reopen rose broadly, however.
United Airlines, Delta and American were all up more than 1%. Carnival Corp rose 2.5% while Norwegian Cruise Lines gave up 2.2% shares advanced more than 7%.
Traders also pored over over mixed economic data and looked to Washington for clues on further coronavirus stimulus.
Retail sales for July rose 1.2%, the Commerce Department said. That''s below a Dow Jones estimate of 2.3%. Excluding autos, however, retail sales rose 1.9% to top a forecast of 1.2%.
In Washington, lawmakers seem unable to move forward with a coronavirus stimulus bill.
House Speaker Nancy Pelosi has said she will not restart talks with Republicans on the matter until they increase their aid offer by $1 trillion. White House economic advisor Larry Kudlow also reporters that the administration and Democrats were at a “stalemate.”
Prices for the 10-Year Treasury regained strength, lowering yields to 0.69% from Thursday''s 0.72%. Treasury prices and yields move in opposite directions
Oil prices dipped 13 cents at $42.11 U.S. a barrel.
Gold prices docked $19.70 to $1,950.70 U.S. an ounce.
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