Megacap earnings lift Nasdaq but fiscal uncertainty weighs

NEW YORK: The Nasdaq rose on Friday, lifted by strong earnings from some of the largest U.S. companies, but gains were curbed and the Dow and S&P lost ground as uncertainty about the government's next round of coronavirus aid exacerbated economic worries.

"It was all very exciting but the fact is the market is exhausted. It’s not falling out of bed, it’s not crashing, it is just churning," said Ken Polcari, chief market strategist at SlateStone Wealth LLC in Jupiter, Florida. The Dow Jones Industrial Average fell 186.59 points, or 0.71per cent, to 26,127.06, the S&P 500 lost 13.95 points, or 0.43per cent, to 3,232.27 and the Nasdaq Composite added 22.12 points, or 0.21per cent, to 10,609.94.

Still, the S&P is on track for its fourth weekly gain in the past five and fourth straight month of gains as massive amounts of fiscal and monetary stimulus measures have helped support equities.

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