Stocks post first losses of August

spike

A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

Dow Jones Industrial Average rises 46 points

The Dow rose 46.5 points, or 0.2%, to close at  27,433.48. The S&P 500 was up slightly to 3351.28. The Nasdaq Composite dropped 0.9% to close at 11,010.98. The Dow and S&P 500 eked out their sixth straight gains as a strong jobs report outweighed U.S.-China tensions and concerns about a new fiscal stimulus package.

U.S.-China tensions rise

President Donald Trump issued on Thursday executive orders to address “the threat posed” by Chinese apps TikTok and WeChat. The U.S. on Friday also sanctioned Hong Kong Chief Executive Carrie Lam. Meanwhile, the White House and Congress are struggling to agree on a new stimulus package after a $600 per week enhanced federal unemployment benefit expired at the end of July.

Tech shares lag

What happens next?

Traders will keep an eye on Washington as talks over a new coronavirus stimulus package continue. July retail sales numbers are due for release next week.

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