U.S. stocks end 3-day rally, knocked around by trade talk and Apple's stock, but benchmarks book weekly gains

Stock benchmark halted a three-day rally Friday, with equity markets bouncing around intraday, amid contradictory accounts of expectations for a near-term resolution to a protracted U.S.-China trade clash. Apple’s stock decline was the biggest weight on the broader market after the iPhone maker late Thursday said it would stop disclosing unit sales and delivered a weaker-than-expected earnings outlook. The Dow DJIA, -0.43% ended down 110 points, or 0.4%, at 25,270, the S&P 500 index SPX, -0.63% closed 0.4% lower at 2,723, while the Nasdaq Composite Index COMP, -1.04% gave up 1% at 7,357. All three main index were down more severely earlier in the session as varying narratives about progress between Beijing and Washington on trade whipsawed investors. President Donald Trump said progress was being made in talks with Chinese leadership, countering remarks made minutes earlier by one of his top economic aides, Larry Kudlow. Friday’s action also came after the Labor Department said the U.S. economy added 250,000 new jobs in October, beating economists’ expectations of 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%.

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