US Stocks Close Mixed Following Jobs Data NK#140085

Daniel Fowler
August 9, 2020

However, Democrats and Trump's top aides have so far failed to make substantial progress, with differences partly centered around continuing an extra $600-per-week in unemployment benefits.

US stocks ended's Friday choppy session with meager gains but enough for the the sixth straight gain for the Dow and S&P 500, as Wall Street watched Congress get down to brass tacks on another coronavirus aid package before the summer recess, which looked in doubt as reports suggested that talks may spill over into the weekend.

"That's the good news", Chris Low, chief economist at FHN Financial, said in a note on Friday.

The Dow Jones Industrial Average.DJI rose 185.46 points, or 0.68%, to 27,386.98, the S&P 500.SPX gained 21.39 points, or 0.64%, to 3,349.16 and the Nasdaq Composite.IXIC added 109.67 points, or 1%, to 11,108.07.

The data published by the US Bureau of Labor Statistics showed on Friday that Nonfarm Payrolls in July increased by 1,763,000, compared to analysts' estimate of 1.6 million.

Meanwhile, talks in Washington on a new emergency spending plan and expanded unemployment payments continued to drag on with Democratic leaders and President Donald Trump's economic team still far apart.

The wrangle continued as U.S. lawmakers have not settled their differences over the size and scope of the Covid-19 relief bill.

The declines snapped the NASDAQ's seven-session streak of gains, with the Dow and S&P 500 falling after rising for five straight days.

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The S&P 500 is up 120.50 points, or 3.7%.

T-Mobile US jumped 6.47 per cent as it added more-than-expected monthly phone subscribers and said it had overtaken rival AT&T as the second-largest US wireless provider.

Communication services.SPLRCL and technology.SPLRCT were the best performing of the 11 major S&P sectors on the day.

Meanwhile, Trump late yesterday unveiled sweeping bans on United States transactions with the Chinese owners of messaging app WeChat and video-sharing app TikTok. In response, China said the companies complied with US laws and warned Washington would have to "bear the consequences" of its action.

New York-listed Tencent Music Entertainment Group, which was spun off from Tencent in 2018, fell 4.5%. Microsoft Corp, which is seeking to buy TikTok's USA operations, was down about 0.7%.

Advancing issues outnumbered declining ones on the New York Stock Exchange by a 1.43-to-1 ratio; on NASDAQ, a 1.31-to-1 ratio favored advancers.

About 9.78 billion shares changed hands in United States exchanges, compared with the 10.4 billion daily average over the past 20 sessions.

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