US Stocks Stutter In Session, But Up For Week

All three major Wall Street indices still finished up for the week, but the broad-based Dow Jones Industrial Average ended the session down 0.8 percent at 25,871, while the S&P 500 shed 0.6 percent to 3,097.

The Nasdaq Composite Index finished narrowly positive, rising less than 0.1 percent to 9,946.

Stocks enjoyed a strong morning, but lost ground after Apple said it was re-closing 11 stores in Arizona, North Carolina, South Carolina and Florida, states where Covid-19 cases are rising.

Maris Ogg of Tower Bridge Advisors said Apple's move reflects "the way this virus cycles geographically" and shouldn't meaningfully affect the outlook for the US.

"We have some major things that can be working toward improvement," Ogg said, pointing to the bounce from reopening the economy and rising strength in the housing market.

Among individual companies, AMC Entertainment fell 2.1 as it reversed course on its safety policy, saying it would require face masks of all customers after its planned July reopening. The company previously said it would defer to local government policy.

Cruise companies Carnival, Royal Caribbean and Norwegian Cruise Line all lost more than five percent following an announcement from the Cruise Line International Association trade group saying it was voluntarily extending a suspension of operations through September 15, beyond the July 24 restriction from the US Centers for Disease Control and Prevention. (AFP)