Close Update: Stocks End Mixed Friday as Technology Underperforms Helping Drag Down Nasdaq Composite

Friday, August 7, 2020 4:15 PM | MT Newswires

Technology stocks slumped Friday as tension between the US and China mounted and lawmakers in Washington have so far failed to come to an agreement on a COVID-19 economic relief package.

The tech-heavy Nasdaq Composite Index fell 0.9% to 11,010.98. The technology sector in the S&P 500 tumbled 1.6%. The Dow Jones Industrial Average rose 0.2% to 27,433.48 while the S&P 500 was up fractionally to 3,351.28.

For the week, the Dow rose 3.8% while the S&P 500 added 2.5%. The Nasdaq gained 2.5%.

President Donald Trump issued an executive order on Thursday barring transactions with China's TikTok and WeChat social media products. The ban begins 45 days after issuance of the order.

Meanwhile, in Washington, lawmakers have so far been unable to come to an agreement on a bill to deliver more economic relief to those affected by the COVID-19 pandemic.

The news out of Washington appeared to overshadow more job growth in July. The Labor Department said Friday morning that nonfarm payrolls rose by 1.8 million and an unemployment rate of 10.2%. The consensus forecast compiled by Econoday estimated nonfarm payrolls to rise by 2 million with the unemployment rate at 10.5%.

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