The Dow Jones Industrial Average rose on Friday for its first daily gain in four sessions after the release of strong U.S. consumer data to end a volatile week.
The 30-stock index popped 112.11 points to end the day and the week at 28,606.31. The gain on the week was more than 19 points.
The S&P 500 inched ahead 0.47 points to 3,483.81, cutting its weekly gain to just more than 6.5 points.
The NASDAQ said goodbye to daily gains and fell 42.31 points to 11,671.55, still holding onto weekly gains of 91 points.
The major averages were broadly higher for most of the session. However, they gave up most of their gains in the final hour of trading as Big Tech shares sold off.
Boeing shares led the Dow higher, rising 1.9% after Europe’s aviation regulator said Boeing’s 737 Max jet is safe to fly again.
Meanwhile, Pfizer jumped 3.8% after the company said it would apply for emergency use of its coronavirus vaccine as soon as it reaches certain safety milestones that it expects to have in late November.
Meanwhile, Amazon shares dipped 1.9% amid concerns over the sales from company’s Prime Day event.
Health care and utilities were the best-performing sector in the S&P 500, jumping nearly more than 1% each.
Lawmakers in Washington continued to send mix signals about progress toward a stimulus deal. Treasury Secretary Steven Mnuchin said Thursday that the White House won’t let differences over funding targets for Covid-19 testing derail stimulus talks with top Democrats.
Later, President Donald Trump said that he would raise his offer for a stimulus package above his current level of $1.8 trillion. House Democrats have passed a $2.2-trillion bill.
Figures released Friday by the U.S. Commerce Department revealed that retail sales jumped 1.9% in September, easily topping a Dow Jones estimate of 0.7%. Excluding autos, sales were up 1.5%. That’s also better than a 0.4% estimate.
Prices for the 10-Year Treasury lost ground, lifting yields to 0.75% from Thursday’s 0.73%. Treasury prices and yields move in opposite directions.
Oil prices were down 22 cents at $40.74 U.S. a barrel.
Gold prices gave up $6.10 to $1,902.80