The Week In Review
The major averages closed mixed with the Dow Jones snapping a three-week winning streak. The Dow Jones Industrial Average finished down 28 points at 28,335 led by weakness in Intel. The S&P 500 gained 11 points to 3465 while the Nasdaq Composite closed up 42 points or 0.37% at 11548.
The Dow and S&P 500 snapped a three-week winning streak and the Nasdaq posted its first weekly loss in five weeks. The S&P 500 lost 0.5% for the week. The Dow and Nasdaq dipped 0.95% and 1.1%, respectively.
President Donald Trump also said Friday that he does not want the aid deal to bail out Democratic states. The major averages fell to their session lows on those remarks.
Traders have been keeping an eye on Washington in recent weeks as they gauge the prospects for new coronavirus aid to be pushed through. Several market experts and economists, including Federal Reserve Chairman Jerome Powell, think it is imperative that lawmakers reach a deal on another stimulus package.
Intel shares fell 10.8% following the release of mixed quarterly numbers for the chipmaker. The company's earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates.
Separately, Gilead Sciences rose modestly after receiving FDA approval for its remdesivir drug used to treat COVID-19.
U.S. Treasuries finished near their flat lines to reclaim early losses. The 2-yr yield increased one basis point to 0.16%, and the 10-yr yield declined one basis point to 0.84% after touching 0.87% at its high. The U.S. Dollar Index declined 0.2% to 92.72.
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