FTSE 100 ends the week higher, Wall Street mixed on vaccine hopes, Fed fears

• FTSE 100 index gains 17 points
• US indices mixed
• Defence stocks wanted after yesterday’s defence spending announcement

5pm: FTSE 100 ends above the flatline

London’s leading index ended the week up 17 points, 0.3%, at 6,351.5. The FTSE 250 was almost exactly flat, down 0.5 points, less than 0.1%, to 19,506.96.

“Stock markets are showing modest gains as we approach the end of the day,” CMC Markets UK analyst David Madden wrote Friday. “It has been a lacklustre session when compared with the volatility witnessed in the first half of the week.”

Traders are trying to price in the effects of a potential coronavirus vaccine, which appears on the horizon with and BioNTech applying to the US Food and Drug Administration for emergency use authorization.

“In light of the vaccine stories, it feels like stocks could be in limbo for a while until we find out about the vaccine situation — in either direction,” Madden wrote. “Seeing as a lot of progress has been made with respect to coronavirus drugs, it seems like a floor has been put in place under equity benchmarks now, but that could all change should the drug story get derailed.”

In the US, the Dow was down 135 points, 0.5%, to 29,347.8 at noon ET. The Nasdaq Composite rose 9 points, 0.1%, to 11,914, and the S&P 500 ticked 8 points lower, 0.2%, to 3,573.2.

“The S&P 500 is a little lower today but it had made big gains earlier in the week due to coronavirus drug hopes,” Madden wrote. “Yesterday, the US Treasury Secretary, Steven Mnuchin, said he would allow the special lending capabilities of the Fed to expire at the end of December. This caused a little concern as traders are taking it as a sign that the support network for the economy is being eroded. Mr Mnuchin clarified his comments today by confirming there still is a lot of fire power at the ready if funding needs to be dished out.”

3.45pm : Proactive North America headlines:

Melkior Resources Inc () (OTCMKTS:MKRIF) (FRA:MEK1) brings in Barrick Gold as partner to advance White Lake project, Ontario

Codebase Ventures Inc () (FRA:C5B) () says its portfolio holding Arcology meets internal targets in first testnet

Holdings Inc (NYSEAMERICAN:MTNB) (FRA:6LJ) awarded $3.75M from Cystic Fibrosis Foundation to advance pre-clinical development of MAT250

Inc () (OTCMKTS:LKMNF) (FRA:LKY1) finds three zones with bulk tonnage potential at Sherman prospect, Ecuador

ImagineAR Inc () (OTCQB:IPNFF) (FRA:GMS1) to deliver immersive augmented reality experience to Shoppers Drug Mart

Todos Medical Ltd () says new data from Tollovid study shows its ability to inhibit the 3CL protease, a key element of coronavirus replication

KushCo Holdings Inc () teams up with United Pacific to widen CBD distribution across 350 gas stations, stores in the US

() (FRA:B003) study of Target Selector cerebrospinal assays presented at neuro-oncology virtual conference

Corp () reports strong sales and income in its fiscal 4Q and full-year 2020

Nova Royalty Corp ()closes C$14.4M financing to support new royalty acquisitions

3.05pm: Week showing signs of fizzling out

London’s index of heavyweight shares continues to coast towards the finish line, holding on to modest gains.

The FTSE 100 was up 26 points (0.4%) at 6,360, with defence stocks such as PLC () and () faring well in the wake of yesterday’s announcement about a hike in the UK government’s defence spending plans.

BAe was up 2.7% at 521.6p and Rolls-Royce was 2.2% firmer at 100.7p.

2.46pm: Wall Street opens in the red as Fed and Treasury butt heads over lending programmes

The main indices on Wall Street started Friday’s session in the negative as a spat between the Federal Reserve and the US Treasury rattled markets.

Shortly after the opening bell, the Dow Jones Industrial Average fell 0.12% to 29,447, while the S&P 500 slipped 0.08% to 3,579 and the Nasdaq was down 0.09% at 11,894.

Sentiment appears to have taken a hit by the disagreement between…