S&P, Nasdaq close higher as stimulus talks in spotlight

NEW YORK: The S&P 500 and Nasdaq closed modestly higher on Friday in choppy trading, with investors keeping a close eye on negotiations on a U.S. stimulus package that would ease the economic shock caused by the coronavirus pandemic.Uncertainty over the timeline of the relief legislation has been weighing on Wall Street's major indexes in recent sessions, with all three indexes posting declines for the week.

Still the market believes a stimulus deal is going to get done: The only question would be size and timing, analysts said.The Dow Jones Industrial Average closed 28.09 points lower, or 0.1per cent, to 28,335.57, the S&P 500 gained 11.9 points, or 0.34per cent, to 3,465.39 and the Nasdaq Composite added 42.28 points, or 0.37per cent, to 11,548.28. The communication services sector rose 1.1per cent, the highest gainer among the major S&P sectors.

Meanwhile, a record 50 million Americans cast ballots, eclipsing total early voting from the 2016 election.Trump and Democratic rival Joe Biden debated on Thursday for the last time to persuade the few remaining undecided voters 11 days before their contest, but while the debate was more toned down and substantive, it hardly moved the needle.

The third-quarter earnings season, meanwhile, chugged along, with about 84per cent of the 135 S&P 500 companies that have reported so far topping quarterly profit estimates, according to Refinitiv data.

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