How major U.S. stock indexes fared Friday

How major U.S. stock indexes fared Friday

Walgreens stock shot up 4.8% as the company exceeded its expected fourth-quarter profit due to increased sales at USA pharmacies.

The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 22 new highs and 23 new lows.

Even so, they all posted gains on the week.

Drugs giant Pfizer has indicated it could file for emergency use authorization from the US Food and Drug Administration by late November for the COVID-19 vaccine it is making working on with BioNTech. Pfizer's stock gained 3.4%.

Markets have also begun to digest the prospect of a Democratic victory, strategists and fund managers said.

But with previous stimulus having run its course, the outlook is uncertain unless politicians in Washington DC can reach an agreement on a fresh round of fiscal aid.

United States retail sales came in strong than expected as consumers accelerated their buying habits. "I don't know how long this can continue without stimulus but it's heartening to see the consumer has held up pretty well despite some dire expectations". Investors abandoned hope for a stimulus package before the presidential election after Treasury Secretary Steven Mnuchin sounded downbeat about the prospects for a quick deal.

The benchmark Dow Jones Industrial Average gained 0.4 per cent to finished an up-down week at 28,606.31, while the broad-based S&P 500 was essentially flat, rising just 0.1 per cent to end at 3,483.81.

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Nine of the 11 major S&P sectors rose.

The Dow is up 299.08 points, or 1.1%.

Third-quarter reporting season burst from the starting gate this week, with 49 of the companies in the S&P 500 having reported. Of those, 86% have cleared the low bar set by expectations, according to Refinitiv. Its shares dropped 8.8%.

Railroad operator Kansas City Southern shed 2.3% and transportation and logistics company J.B. Hunt Transport Services Inc tumbled 9.0% after the companies' quarterly results were hit dropping shipping demand.

But declines by industry titans like Amazon, Apple and Netflix reversed early gains in the tech-rich Nasdaq, which lost 0.4 per cent to close at 11,671.55.

Advancing issues outnumbered decliners for a 1.29-to-1 ratio on the NYSE and a 1.26-to-1 ratio on the Nasdaq.

Wall Street's indexes fell for the third straight day, with the S&P 500 now almost 4% below its intraday record high hit on September 2, after rising to within 1% of that level earlier this week.

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