Stocks are little changed

Though China said its strong economic fundamentals provided “strong support” for the yuan, sources told Reuters that some within the government were pushing for the yuan to go even lower.

U.S. stocks fluctuated, after the Standard & Poor’s 500 Index erased a 1.5 percent loss sparked by concerns on China’s economy, as the gauge rose back above its average price during the past 200 days. The metal fell to as low as $1,107.80 an ounce.

U.S. retail sales rose in July, while the trend of weekly jobless claims pointed to a tightening job market.

The majority of Asian stocks edged higher on Thursday, although China guided its currency lower for the third day straight on Thursday, as Chinese central bank officials defended their policy.

The yuan fell as much as 1.98% Wednesday, after Tuesday’s move to weaken the currency by nearly 2%. Analysts also rued a potential “currency war” if other economies seek to devalue currencies to promote exports.

The broad-based S&P 500 dropped 19.74 (0.95 percent) to 2,064.33, while the tech-rich Nasdaq Composite Index fell 56.84 (1.13 percent) to 4,979.95. The S&P 500 was down 16.78 points, or 0.81 percent, at 2,067.29 and the Nasdaq composite was down 46.94 points, or 0.93 percent, at 4,989.85.

“The market is still adjusting to the Chinese devaluation”. The DJIA ended the week 0.6% higher. Apple company stocks cratered 5.2%, although Yum, which is the owner of KFC, slid 4.9%. Mining firm GlencoreGLNCY -6.78 % PLC was down 5.5%.

Of the two new reporting companies, one will hold its core search and Web advertising business, and the other its newer ventures such as driverless cars and Internet-connected thermostats made by its Nest business. “Given the alternatives, it still seems like equity markets are the place to be”, he added.

There’s also been a lot of lot of rotation between different groups. optionMONSTER’s proprietary researchLAB market scanner, for instance, shows energy stocks rallying over the last week despite being the worst sector in the last month.

In a move that calmed markets, China set the daily rate of the yuan against the dollar at a slightly higher rate earlier Friday, enabling the still-jittery global markets to remain steady. However the shock shift has pressured shares down among worries that it is going to harm U.S. businesses, such as Apple Company, which have been progressively peddling their goods to the world’s most populated country. Retail sales, which represent a big chunk of consumer spending, rose 0.6% in July from a month earlier, matching expectations.

The Dow Jones Industrial Average withstood sharp declines in energy, as U.S. crude futures fell to their lowest levels since March, 2009, amid lingering concerns of oversupply.

Tesla rose 1.8 percent to US$242.51 after unveiling plans to raise about US$500 million through a share sale, with Chief Executive Officer Elon Musk buying shares worth up to US$20 million.