Fri, 18 Jun 2021

Wall Street directionless as stimulus package remains elusive

Xinhua/Big News Network
24 Oct 2020, 10:15 GMT+10

NEW YORK, New York, Oct. 23 (Xinhua/Big News Network) -- Wall Street's major averages finished mixed on Friday as investors monitored developments on additional U.S. coronavirus stimulus and digested some earnings reports.

The Dow Jones Industrial Average fell 28.09 points, or 0.10 percent, to 28,335.57. The S&P 500 rose 11.90 points, or 0.34 percent, to 3,465.39. The Nasdaq Composite Index increased 42.28 points, or 0.37 percent, to 11,548.28.

Nine of the 11 primary S&P 500 sectors advanced, with communication services closing up 1.07 percent, outpacing the rest. Energy slipped 0.55 percent, the worst-performing group.

Intel shares plunged more than 10 percent after the company reported third-quarter earnings that revealed an unexpected drop in its data center segment.

Meanwhile, U.S.-listed Chinese companies traded mostly higher, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The moves came as uncertainty over U.S. stimulus continues.

U.S. President Donald Trump and Former Vice President Joe Biden on Thursday night blamed each other's party for failing to reach a COVID-19 relief deal, as the two faced off in the final presidential debate before Election Day.

"If a deal has any chance of getting passed before the election, it will likely need to get done by week's end so it can get voted on by the Senate," said Kevin Matras, analyst at Zacks Investment Research.

"Even then, it will have to be marked up, and debated first. That takes time. And it still has to pass," he added.

On the foreign exchange front the U.S. dollar remained under pressure Friday. By the close in New York, the euro was being robustly bought up, last quoted at at 1.1861. The British pound was changing hands at 1.3035. The Japanese yen was solid at 104.77. The Swiss franc edged up to 0.9043.

The Canadian dollar was in demand at 1.3123. The Australian dollar rose to 0.7139. The New Zealand dollar was sharply higher at 0.6694.

On overseas equity markets, the FTSE 100 in London jumpd 1.29 percent. The German Dax rose 0.82 percent, while the CAC 40 climbed 1.20 percent.

On Asian markets, the Nikkei 225 added 0.18 percent. The Hong Kong Hang Seng rose 0.54 percent, while the Shanghai Composite in China dipped 1.04 percent. The Australian All Ordinaries closed Friday down 0.16 percent.

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