US stocks close lower as tech stocks drop, but posts weekly gains

Most of the US stocks fell during today's trading amid pressure on the technology sector and the continued concerns about the trade war, while losses were curbed in conjunction with the recovery of the energy sector.

President Donald Trump said China would seek an agreement with Washington, as he depreciated the importance of a meeting with his Chinese counterpart, Xi Jinping, on the sidelines of the G20 summit.

Trump said America is a winner in anyway. If Xi attended the summit, it would be good and if he did not attend the United States would get billions of dollars by imposing more tariffs on its imports from Beijing.

Government data showed US retail sales rose by 0.5% last month and industrial production rose by 0.4%, while US consumer confidence fell this month.

On the oil market, West Texas rose 0.4% to close at $52.5 per barrel, with a weekly loss of 2.7%, with a high of $52.9 and a low of $51.7.

Brent climbed 1.1% to close at $62.01 per barrel and recorded a weekly loss of 2%, with a high of $62.5 and a low of $60.7.

At the close of trading, Dow Jones fell less than 0.1% (equivalent to 17 points) to 26,089 points, making weekly gains of 0.4%, while reaching a high of 26,162 points and a low of 25,988 points.

Nasdaq fell 0.5% (40 points) to 7,796 points, notching weekly gains of 0.7%, while reaching a high of 7,819 points and a low of 7,778 points.

Standard & Poor's fell 0.1% to 2,887 points, with a weekly gain of 0.5%, with the highest level at 2,894 points and the lowest level at 2,879 points.