Stocks end week in downward trajectory

Worries about pandemic outweigh hopes for vaccine.

Stocks closed broadly lower on Wall Street on Friday following a choppy day of trading as worries about the worsening pandemic undercut growing optimism about a coming coronavirus vaccine.

The S& P 500 fell 0.7%, erasing its gains from a day earlier. The benchmark index, which climbed to an all- time high on Monday, posted its first weekly decline after two weeks of gains. The index is still up 8.8% so far this month.

Technology, financial and industrial companies drove much of the selling, which turned volatile in the final hour of regular trading. Treasury yields were mostly lower, a sign of caution in the market. Stock indexes around the world made modest moves.

Traders are balancing cautious optimism that a working coronavirus vaccine will be widely distributed next year against jitters over surging virus cases and the economic impact of new restrictions being put in place across the U. S. on people and businesses to limit the spread.

The Dow Jones Industrial Average also fell 0.7%, and the Nasdaq composite gave up 0.4% after posting early gains. The Russell 2000 small- cap index rose 0.1%.

The majority of stocks in the S& P 500 fell, with technology companies taking the heaviest losses. Apple dropped 1.1%, while Intuit dropped 3.8%.

Travel- related stocks also fell. Cruise lines were among the biggest decliners. Norwegian Cruise Line slid 4.9% and Carnival fell 4.5%.

On the winning side was Williams- Sonoma, which rose 6.6% after reporting stronger profit and revenue for the latest quarter than analysts expected.

The yield on the 10- year Treasury slipped to 0.83% from 0.84% late Thursday.