Stocks closed on mixed note as economic uncertainty

Published:

On: Aug 2020

Reportedly, the US stocks market ended mixed after confusing between small increments and losses for most of the session on last Friday as a lesser-than –expected gain in retail sales and other information on the United States economy underlined downturn uncertainty over the rebound following its COVID-19 pandemic included drop in the spring. The US stocks were mixed after the official statistic represented American retail sales gained less than anticipated previous month and could low further because of the increasing coronavirus cases and a downturn in jobless benefits.

The current readings showcased that the United States factory output rose more than expected in July but remained less pre-pandemic levels while consumer sentiment was highly steady in the first half of August. According to the US stocks data, for the week the Dow Jones Industrial Average was increased by 1.8 percent and the S&P 500 index up 0.6 percent. Whereas, the Nasdaq Index gained by 0.1 percent.

Meanwhile, the ongoing deadlock between the White House and congressional Democrats over a COVID-19 aid package could be restricting upside for the industry. Negotiations to expand measures, containing $600 a week in extra jobless benefits that expired at the end of July which have remained stalled since the end of previous week.