US stocks finish lower, log third straight weekly losses

The major US stock indices closed lower on Friday, driven by disappointing economic data and the continued sell-off in the tech sector, posting the third straight weekly loss.

Uncertainty remains about the possibility of the US Congress to pass a second stimulus package to ease the coronavirus economic impact.

Data showed that the US current account posted a deficit of $171 billion in the second quarter, worse than expectations of $158 billion, while the consumer confidence index rose to 78.9 points this month.

Trade tensions between Washington and Beijing escalated once again, after the US administration announced the starting data of the ban on Chinese applications WeChat and TikTok, which is due September 20.

To the oil market, WTI October futures at Nymex rose 0.3% to close $41.11 a barrel, with a weekly gain of 10.1%, after hitting a day high of $41.4 and a low of $40.3.

Brent November futures fell 0.4% to $43.15 a barrel, and posted weekly gains of 8.3%, with a high of $43.8 and a low of $42.5.    

As for stocks, Dow Jones fell 0.9% or 244 points to settle at 27,657, and posted weekly losses of 0.1%, with a session-high of 27,946 and a low of 27,487.

Nasdaq fell 1.1% or 117 points to 10,793, and posted a weekly loss of 0.6%, a high of 10,977 and a low of 10,639.

S&P 500 fell 1.1% or 37 points to close at 3,319, with 0.6% weekly loss, and hit a high of 3,362 and a low of 3,292.