At closing bell, the Dow Jones Industrial Average advanced 46.50 points, or 0.17%, to 27,433.48. The S&P 500 index gained 2.12 points, 0.06%, to 3,351.28. The tech-heavy Nasdaq Composite Index lost 97.09 points, 0.87%, to 11,010.98.
Eight of the 11 primary S&P 500 sectors closed higher, with financials up 2.18%, leading the gainers. Technology sank 1.56%, the worst-performing group.
U.S. President Donald Trump signed executive orders which ban U.S. transactions with operators of TikTok and WeChat. These executive orders will be effective in 45 days, providing Microsoft with time to conclude its negotiations regarding the purchase of TikTok's U.S. operations. Losses persisted throughout much of Friday after the US placed sanctions on 11 Chinese officials and their counterparts in Hong Kong.
Republicans and Democrats continue to negotiate the terms of the new coronavirus aid package but it looks like the talks have stalled. In case no deal is reached by the end of this week, Donald Trump will likely rely on executive orders to provide some support to workers until the consensus on the new stimulus package is reached. However, the President's powers are limited so the economy will still need a real deal between Democrats and Republicans to get the required support.
ECONOMIC NEWS: US employers added 1.8 million jobs in July, less than the increase of 4.8 million in June, the US Bureau of Labor Statistics reported on Friday. The unemployment rate fell to 10.2% from 11.1%.
Among Indian ADR, Vedanta fell 0.76% to $6.51, WNS Holdings fell 0.34% to $64.24, Wipro shed 1.86% to $4.21, INFOSYS dropped 1.79% to $12.60, and Dr Reddys Labs shed 0.65% to $60.78, while Tata Motors grew 0.89% to $7.92 and HDFC Bank rose 0.48% to $46.53. Azure Power Global closed steady at $21.00 and ICICI Bank ended flat at $9.62.
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