Stock market
The S & P 500 and Nasdaq closed lower on Friday, with disappointing results from Snap Inc and Intel Corp putting pressure on the communications and technology sectors, and Federal Reserve Chairman Colin Powell discussed scaling back the stimulus package, making investors nervous. The Dow Jones Industrial average closed at a record high for the first time since Aug. 16. The Dow closed up 73.94 points, or 0.21%, at 35677.02; the S & P closed down 4.88 points, or 0.11%, at 4544.9; and the Nasdaq index fell 125.50 points, or 0.82%, at 15090.20. However, all three major stock indexes rose for the third week in a row for the first time since early July, with the S & P 500 up 1.6 per cent, the Dow up 1.1 per cent and the Nasdaq up 1.3 per cent.