Wall Street stalls; S&P 500 drifts after 5-day win streak

August 7, 2020 News On Demand
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People pass the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

off-the-charts-markets-and-the-election

NEW YORK (AP) — Wall Street’s big rally is stalling on Friday, despite a better-than-expected report on the U.S. jobs market, amid worries about rising U.S.-China tensions and whether Washington can deliver more aid for the economy. The S&P 500 was down 0.2% in midday trading, after wavering between a small gain and losses earlier in the morning. It’s coming off a five-day winning streak that had brought it back within 1.1% of its record. The Dow Jones Industrial Average was down 105 points. The day’s headline economic report showed that U.S. employers added more jobs last month than economists expected, though hiring slowed from June’s levels.