Stocks – Wall Street Opens Mixed as Rally Runs out of Steam

imageStock Markets8 minutes ago (Aug 21, 2020 09:37AM ET)

(C) Reuters.

By Geoffrey Smith — U.S. stock markets opened mixed on Friday, paring premarket losses but unable to find the strength to advance further after a record-breaking week.

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 12 points or less than 0.1% at 27,650 points. The S&P 500, which had set its first new record high since February earlier in the week and the Nasdaq Composite, which posted the latest of its 35 new record high closes this week, were both down by similar amounts.

However, there was little to get excited about on a slow summer news day – with a few exceptions. Solid earnings from agricultural machinery maker Deere (NYSE:DE) & Co., often seen as a proxy for the health of the farming sector, sent the stock up 4.7% to a new all-time high. Tesla (NASDAQ:TSLA) stock, meanwhile, cracked the $2,000 level for the first time ever ahead of its stock split. As with Apple (NASDAQ:AAPL)’s $2 trillion valuation posted earlier in the week, the number is of little significance beyond the fact that it’s a nice round number.

Stocks – Wall Street Opens Mixed as Rally Runs out of Steam

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