Stocks extend losses as virus aid languishes

U.S. stock indexes pulled further away from their recent highs Friday as prospects for another aid package faded while a surge in virus cases threatens to inflict more damage on an already battered economy.

The S&P 500 slipped 0.1 percent, its thirdstraight decline since it set a record high on Tuesday. The benchmark index ended the week 1 percent lower after two weeks of solid gains. Losses in financial, technology, health care and other sectors outweighed gains in communication services stocks, industrial companies and elsewhere.

The latest bout of selling, which eased toward the end of the day, came as investors continue to hope for Washington to come through with a financial lifeline for people, businesses and state governments struggling as the coronavirus pandemic worsens.

The S&P 500 slipped 4.64 points to 3,663.46. The index had been down 34 points in the early going. The Dow Jones Industrial Average got a boost from Disney, which hit a new high. The index rose 47.11 points, or 0.2 percent, to 30,046.37. The tech-heavy Nasdaq lost 27.94 points, or 0.2 percent, to 12,377.87.

Technology companies and banks led the decline. Apple fell 0.7 percent and Bank of America dropped 1.9 percent.

Disney jumped 13.6 percent, a record high and the biggest gain in the S&P 500, after giving investors an encouraging update on subscriber growth and future plans for its Disney Plus streaming service.