Apple Closes Stores, Tech Still Outperforms

John Divine


Stocks finished the week on a so-so note; most stocks ended the day lower, but tech remained a stubborn outperformer.

Tech's outperformance comes despite news from consumer electronics giant Apple (ticker: AAPL), a company worth more than $1 trillion, that it would be taking a more conservative approach, closing 11 physical stores in four different states on concerns over renewed viral spikes in those areas.

While the tech-heavy Nasdaq barely finished in the green, adding less than 0.1%, the Dow Jones Industrial Average fell 208 points, or 0.8%.

Cruises suspend operations out of U.S. ports through mid-September. In another elective move by big business, the major cruise lines are now suspending operations out of U.S. ports voluntarily until September 15. The Centers for Disease Control and Prevention's no-sail order for cruise ships is already active through July 24.

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Oil still higher. Despite concerns over more and more stores and parts of the economy closing down again as fears of a "second wave" spread, one of the most widely watched indicators of economic activity, oil prices, rose on Friday.

Crude oil rose about 1% to finish above $39 a barrel.

Walgreens jumps. Retail pharmacy giant Walgreens Boots Alliance ( WBA) finished as one of the biggest gainers in the S&P 500 on Friday, jumping 5.1%, as health care finished as the only one of the 11 sectors that ended in the green.