New York, U.S. stocks were mostly lower yesterday, with the Standard & Poor’s 500 posting its third consecutive daily decline and recording its first weekly loss in three weeks, as the outlook for additional fiscal stimulus from the U.S. Congress remained uncertain.
Market sentiment was pessimistic even after a key U.S. Food and Drug Administration (FDA) advisory panel recommended the approval of the Pfizer-BioNTech coronavirus vaccine for emergency use.
For the week, the Dow industrials fell 0.6 percent, the broader S&P 500 lost 1 percent, and the technology-heavy Nasdaq declined 0.7 percent.
In U.S. economic news, wholesale inflation rose a tiny 0.1 percent in November and only 0.8 percent over the past 12 months, as the pandemic has reduced demand for services and the millions of unemployed workers have reduced wage inflation.
The U.S. dollar rebounded as risk appetite was hurt by concerns over delayed U.S. fiscal stimulus amid a surge in Covid-19 cases and the increasing likelihood that Britain will exit the European Union without a deal.
Gold rose, posting its second consecutive weekly gain, as investors bet on imminent U.S. fiscal stimulus. Futures climbed 0.3 percent to $1,843.60 an ounce on the New York Mercantile Exchange.
Oil fell as demand worries sparked by new virus-related restrictions on business in New York overshadowed progress toward mass vaccination. West Texas Intermediate (WTI) crude futures declined 21 cents, or 0.4 percent, to $46.57 a barrel. The contract rose for a sixth consecutive week.
The Dow Jones industrial average rose 47.11, or 0.2 percent, to 30,046.37. Only eight of the index’s 30 components advanced, but one was Walt Disney, which jumped 13.6 percent after reporting its streaming service has 86.8 million subscribers and expects between 230 million and 260 million by 2024. Goldman Sachs and Boeing led decliners, dropping 1.8 and 1.7 percent, respectively.
The S&P 500 fell 4.64, or 0.1 percent, to 3,663.46. Companies hardest hit by the pandemic recession fell, including airlines, cruise-ship operators, and clothing retailers.
The Nasdaq composite index fell 27.94, or 0.2 percent, to 12,388.87. Facebook dropped 1.3 percent, and Apple lost 0.7 percent. Amazon climbed 0.5 percent, and Netflix and Google-parent Alphabet each advanced 0.4 percent.
Source: Saudi Press Agency