Nasdaq falls from record as Washington deal stays elusive

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NEW YORK (AFP) - Wall Street stocks finished mixed on Friday (Aug 7), with the Nasdaq retreating from a record following solid US jobs data as Washington talks on a new spending package remained stalemated.. Read more at straitstimes.com.

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NEW YORK - Wall Street stocks finished mixed on Friday , with the Nasdaq retreating from a record following solid US jobs data as Washington talks on a new spending package remained stalemated.

While unemployment fell to 10.2 per cent from 11.1 percent, that is still an extremely high number by historic standards and economists continue to view the US economy as being on shaky ground.The broad-based S&P 500 gained 0.1 per cent to 3,351.28, while the tech-rich Nasdaq Composite Index dropped 0.9 per cent to 11,010.98, ending a four-day streak of records.

"Another fiscal package is urgently needed, but alarmingly, policymakers may be at an impasse," said a note from Oxford Economics. The move came after Trump Thursday night announced sweeping restrictions against Chinese-owned social media giants TikTok and WeChat, drawing a rebuke from Beijing, which slammed the move as"arbitrary political manipulation and suppression."

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