Friday marked an unremarkable finish to the week on Wall Street, with the major indices finishing the day little changed.
Retail sales in July, however, ticked higher as the extra $600 in weekly unemployment benefits helped buffer a potential fall in consumer spending. Not counting auto sales, retail spending rose 1.9% in July, better than the 1.2% estimate.
The future of the U.S. consumer remains very much in question, though, especially with Congress in limbo over future stimulus measures.
The Dow Jones Industrial Average finished up 34 points, or 0.12%, to finish at 27,931.
Senate adjourns through Labor Day. With each side of the aisle still reportedly miles away on the second major stimulus package, it’s looking increasingly likely that an August deal will not be reached. In a continuation of a drawn-out negotiation over a deal Wall Street has seemingly been counting on, the amount of additional federal unemployment benefits remains one of the core sticking points.
Although a deal could be reached while the Senate is in recess, the decision to adjourn through Labor Day, which falls on Sept. 7 this year, certainly isn’t bullish for dealmakers.
Rise of the developers? Spotify (ticker: SPOT) and online dating giant Match Group ( MTCH) each piped up in support of Fortnite-maker Epic Games’ revolt against Apple ( AAPL) and its app store practices, which Epic Games claims are monopolistic.
Apple, the most valuable public company in the world at a valuation around $2 trillion, takes a 30% cut of in-app purchases, which it requires developers to use, it says, as a safety precaution. There may be a growing number of legal cases and pushback from app-makers in the near future, forcing Apple to take to the courts or amend its policies.
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Spotify, Match Join Apple Revolt; Still No Stimulus Deal originally appeared on usnews.com