Dow, S&P Eke Out Gains for 6th Straight Positive Sessions



The Dow Jones Industrial Average and S&P 500 eked out small gains on Friday, shaking off concerns over rising U.S.-China tensions and ongoing coronavirus stimulus negotiations.

The 30-stock index shook off negative vibes and gained 46.5 points to finish the week at 27,433.48. The Dow triumphed more than a thousand points on the week, or 3.8%.

The S&P 500 recovered 2.12 points to 3,351.28. The much-broader index collected more than 80 points, or 2.45%. The gains were enough to stretch the Dow and S&P’s winning streaks to six days.

The NASDAQ fell 97.09 points, to close Friday at 11,010.98, snapping a seven-session winning streak. Amazon dropped 1.8%, and Netflix fell 2.8%. Microsoft dropped 1.8% and Apple slid 2.3%. Even so, the tech-heavy index jumped 265 points, or 2.47% on the week.

President Donald Trump issued on Thursday executive orders to address “the threat posed” by Chinese apps TikTok and WeChat. As part of the order, any transaction with ByteDance and Tencent, the parent companies of TikTok and WeChat, respectively, will be barred in 45 days.

It comes as tensions between Washington and Beijing continue to escalate over several issues including the origins of the coronavirus and democracy in Hong Kong. Bloomberg News reported Friday the U.S. was poised to sanction Hong Kong Chief Executive Carrie Lam.

The U.S. economy added 1.763 million jobs in July, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 1.4 million. The U.S. unemployment rate was also better than expected, falling to 10.2%. The jobs reports for June and May were also revised sharply higher.

Prices for the 10-Year Treasury fell, raising yields to 0.56% from Thursday’s 0.54%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 43 cents to $41.52 U.S. a barrel.

Gold prices leaped $28.60 to $2,040.30 U.S. an ounce.