US stocks pare gains, close the week flat

The main US stock indices closed stable on Friday, paring some of their earlier gains, after the release of weak data, and anticipation of the stimulus talks.

The US Treasury Secretary Janet Yellen said during her interview with CNBC yesterday that the US economy could return to growth and full employment in 2022 if President Joe Biden’s $1.9 trillion coronavirus relief package is passed Congress.

Yellen also said earlier this month that if Congress failed to pass the stimulus plan the reopening of the economy would be delayed to the end of 2021, which weighs down on the job market, production and economic activity.

Data showed today that the US manufacturing PMI slowed to 58.5 points in January, from 59.2 points in December, beating forecasts of a drop to 58.4.

The US services PMI rose to 58.9 points from 58.3 in December, beating forecasts of 57.9 points.

To the oil market, WTI crude March futures fell 2.1% or $1.28, and closed at $59.24 a barrel, and posted weekly losses of 0.4% after hitting a day high of $60.2 and a low of $58.5.

Brent April futures fell 1.6% or $1.02, and closed at $62.91 a barrel, weekly gains of 0.8%, after hitting a high of $63.9 and a low of $62.09.

As for stocks, Dow Jones held at at 31494, with a weekly gain of 0.1%, a day high of 31,647, and a low of 31,469.

Nasdaq rose 0.1% or 9 points to 13,874, and registered a 1.6% weekly loss, with a high of 13,985 and a low of 13,842.

S&P 500 fell 0.2% or 7 points to 3,906, and posted a weekly loss of 0.7%, after hitting a high of 3,930 and a low of 3,903.