Stocks finished lower Friday, snapping a three-day winning streak, amid confusion over prospects for a near-term resolution to the protracted U.S.-China trade spat.
How did benchmarks fare?
The Dow Jones Industrial Average DJIA, -0.43% lost 109.91 points, or 0.4%, to 25,270.83, the S&P 500 index SPX, -0.63% fell 17.31 points, or 0.6%, to 2,723.06, while the Nasdaq Composite Index COMP, -1.04% declined 77.06 points, or 1%, to 7,356.99.
For the week, both the Dow and the S&P 500 are up 2.4% and the Nasdaq advanced 2.7%, its first weekly gain since the end of September,
What drove the market?
Investors dealt with a flurry of sometimes contradictory headlines over the state of the U.S.-China trade dispute.
Stocks pared losses in late trade after President Donald Trump said progress was being made in talks with Chinese leadership. A few hours earlier, his top economic adviser, Larry Kudlow, said the U.S. and China were a long way from reaching a trade deal. Kudlow also denied an earlier Bloomberg report that Trump had ordered aides to begin drafting a U.S.-China agreement.
On the data front, the U.S. economy added 250,000 new jobs in October, beating economists’ expectations for payrolls to rise by 202,000. The unemployment rate remained flat at 3.7%, while the report showed year-over-year wage gains rising to 3.1%, slightly above the consensus estimate of 3%.
The U.S. trade deficit rose 1.3% in September to a seven-month high as imports hit a record.
Which stocks were in focus?
Apple Inc. AAPL, -6.63% shares sank 6.6% after the tech giant posted results that were better than expected but disappointed on its outlook. It also said it would no longer disclose unit sales of its products for investors, as it has