Wall Street Closing

SourceSaudi Press Agency
SectorFinancial Markets
CountryMiddle east

New York, February 20, 2021, SPA -- U.S. stocks ended little changed Friday, reversing early gains, even after Treasury Secretary Janet Yellen said a large stimulus package is needed for a full economic recovery. Stocks pared gains in the afternoon on a combination of rising interest rates and profit taking. In U.S. economic news, existing-home sales unexpectedly rose 0.6 percent in January to an annual rate of 6.69 million units, the most since October and the second-highest since 2006.

Home re-sales have surged 23.7 percent from a year ago, supported by record-low mortgage-loan interest rates and the desire for bigger properties for remote working and learning during the pandemic. The U.S. dollar fell versus a basket of other currencies, as Thursday’s U.S. jobless-claims data hurt optimism for a quick recovery from the Covid-19 pandemic. Gold rose slightly from a more than seven-month low as the dollar declined, but rising Treasury yields pushed the metal to its biggest weekly drop since early January. Futures advanced 0.1 percent to $1,777.40 an ounce on the New York Mercantile Exchange. Oil fell from recent highs for a second consecutive session as Texas energy companies started ...read more...