NEW YORK (Pakistan Point News / Sputnik - 25th July, 2020) Stocks on Wall Street posted their first weekly loss in five weeks as investors reacted to growing tensions between the United States and China resulting in a sell-off in technology stocks.
The Dow Jones Industrial Average, the broadest indicator on the New York Stock Exchange, closed down 0.7 percent at 26,469.89. For the week, the Dow fell 0.8 percent, its first weekly decline since the week ending on June 19.
The S&P 500, a barometer for the top 500 US stocks, settled at 26,467, down 0.6 percent on the day and 0.3 percent on the week.
The tech-heavy Nasdaq Composite Index closed at 10,363, down 0.9 percent on the day. Nasdaq was the only of Wall Street's top three indexes that registered back-to-back weekly losses, sliding 1.3 percent this week and 1.1 percent last week. Despite the declines, the Nasdaq had rallied to record highs this month.
Sino-US tensions weighed on Friday's market as China ordered the United States to close its consulate in the city of Chengdu in retaliation against Washington's demand yesterday that Beijing close its consulate in Houston, Texas. The continued uncertainty on the effects on the US economy due to spikes in novel coronavirus cases in some part of the country also weighed on the market.
