Stocks Close Flat, Though S&P Gains Slightly on Week
August 14,2020 04:24 pm EST
Stocks finished Friday mostly flat as the S&P 500 once again failed to overtake its February record highs. Traders also pored over mixed economic data and looked to Washington for clues on further coronavirus stimulus.
The Dow Jones Industrials gained 34.3 points to end Friday and the week at 27,931.02.
The S&P 500 fell back 0.58 points to 3,372.85. The broader market index traded above its record closing high several times this week before falling short of the milestone.
The NASDAQ sank 23.2 points to 11,019.30.
Big Tech came under modest pressure in late-day trading as shares of Amazon went south 0.4%, Alphabet lost 0.8%, and Apple slumped 0.1%.
Stocks that would benefit most from economic reopening, however, helped offset some of the losses. United Airlines, Delta and Southwest were each up at least 0.5%. Carnival Corp gained 1.6%, and Norwegian Cruise Line rose 2.6%. Nordstrom shares advanced more than 2%.
The major stock indexes all clinched weekly gains despite Friday''s muted trading action. The S&P 500 added 0.64% for the week, its third straight weekly gain. The Dow advanced 1.8% this week. The NASDAQ, the relative laggard, climbed less than 0.1% since last Friday''s close.
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 went slightly forward, lowering yields to 0.71% from Thursday''s 0.72%. Treasury prices and yields move in opposite directions
Oil prices dipped eight cents at $42.16 U.S. a barrel.
Gold prices docked $18.30 to $1,952.10 U.S. an ounce.
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