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Dow Ends Slightly Higher After Market Wavers on Uncertainty

·2 min read

By Christiana Sciaudone

Investing.com -- Wall Street closed the week with a Friday that couldn't quite decide which way to go.

After hovering both higher and lower, the Dow Jones Industrial Average closed up 34 points, or 0.12%, while the S&P 500 was down 0.04% and NASDAQ Composite dropped 0.21%.

Coronavirus cases continued to be reported from Florida to California, as U.S. President Donald Trump announced a collaboration with McKesson Corp (NYSE:MCK) to aid in vaccine distribution. Share rose 4.3%, and the race goes on.

Technology led declines among the 11 major S&P indexes, while the real estate sector — commonly considered defensive — outperformed.

Data on Friday showed U.S. retail sales increased less than expected last month and could slow further due to spiraling COVID-19 cases and a reduction in unemployment benefit checks. The figures also came on the heels of data suggesting a slowdown in China's nascent rebound.

A deadlock between top Democrats and the White House over more stimulus measures to support the economy has also been a major point of focus.

Uncertainty over the timing of an agreement has undercut sentiment in recent sessions, with the upcoming U.S. presidential elections expected to add another layer of caution.

Lyft (NASDAQ:LYFT) closed down 1.25% after asking an appeals court for an extended reprieve on converting its California drivers to employees as it warned the company may need to suspend operations, Bloomberg reported.

Dillard's (NYSE:DDS) quarterly results helped boost peers, including Macy's (NYSE:M), as department stores hang on for dear life. Dillards closed up 8.8%.

Baidu (NASDAQ:BIDU) fell 6.3% after disappointing with a weak forecast and an SEC investigation into its streaming service, iQiyi.

-- Reuters contributed to this report





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