Wed, 30 Sep 2020

NEW YORK, New York - U.S. stocks meandered in and out of positive territory on Friday and ended up with the major indices being mixed at the close.

The Standard and Poor's 500 again came close to closing at a new record high, having traded above it during the two previous trading sessions, but lacked the momentum.

The key index finished flat on Friday. On Wednesday and Thursday, the S&P 500 briefly traded above its Feb. 19 record close of 3,386.15 but lacked momentum on Friday.

"New all-time highs are like rusty doors and require several attempts before they finally break open," Sam Stovall, chief investment strategist at CFRA Research in New York told the Reuters Thomson news agency on Friday.

"So, approaching, but not breaking through, is actually standard," and a few more attempts may still be ahead before the record is broken, he said.

At the close of trading Friday, the Dow Jones Industrial Average was ahead 34.3 points, or 0.12%, at 27,931.02.

The Standard and Poor's 500 was down just 0.58 of a point, or 0.02%, to 3,372.85, just shy of it's March closing high of 3,386.15.

The Nasdaq Composite fell 23.20 points, or 0.21%, to 11,019.30.

On foreign exchanged markets the euro perked up to 1.1842 by the U.S. close on Friday. The British pound firmed to 1.3086. The Japanese yen edged up to 106.60. The Swiss franc was stronger at 0.9092.

The Canadian dollar was a fraction lower at 1.3259. The Australian dollar picked up to 0.7170, while the New Zealand dollar was unchanged at 0.6541.

Overseas, the FTSE 100 in London was sharply lower, losing 1.55%. The German Dax lost 0.71%. The Cac 40 in Paris fell 1.58%.

On Asian markets, only the Hong Kong Hang Seng slipped. It lost 47.66 points or 0.19% to close on Friday at 25,183.01.

In Japan the Nikkei 225 gained 39.75 points or 0.17% to 23,289.35.

China's Shanghai Composite rose 39.37 points or 1.19% to 3,360.10.

The Australian All Ordinaries climbed 37.80 points or 0.61% to 6,261.70.

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