Big Tech helped the major indexes to a win today, though they all logged weekly losses
After an extremely volatile week fraught with ups-and-downs, stocks finished today's session with a win. Nevertheless, two of the benchmarks still logged their fourth-consecutive week of losses. The Dow has Big Tech to thank for today's win, as the blue chip managed to tack on 358 points thanks to outsized gains from Microsoft (MSFT) and Apple (AAPL). Elsewhere, the S&P 500 and Nasdaq Composite closed comfortably above fair value, as House Democrats continue on the road of preparing a $2.4 trillion relief package that could be voted on as early as next week.
Continue reading for more on today's market, including:
- Introducing our Schaeffer's Cannabis Stock News Update!
- A bull note gave Redfin stock a nifty boost.
- Plus, weighing GameStop stock's pros and cons; Apple brushes off a tax appeal; and more Boeing news hits the stands.
The Dow Jones Industrial Average (DJI - 27,173.96) rose 358.5 points, or 1.3%, but fell 1.8% for the week. Boeing (BA) led the list today, leading the winners with a 6.8% rise. Meanwhile, Dow (DOW) landed at the bottom with a 0.8% drop.
Meanwhile, the S&P 500 Index (SPX -3,298.46) tacked on 57.9 points, or 1.6% for the day. The Nasdaq Composite (IXIC - 10,913.56) added 241.3 points, or 2.3% for today's session. The former lost 0.6%, while the latter added 1.1%, for the week.
Lastly, the Cboe Volatility Index (VIX - 26.3) lost 2.1 point, or 7.5% for the day, and gained 1.8% for the week.
- The global death toll from the coronavirus is approaching 1 million, and the World Health Organization (WHO) said recently that reaching 2 million is "not impossible." (CNBC)
- The U.S. House of Representative was granted permission from the federal appeals court to challenge President Donald Trump's diversion funds to pay for the U.S.-Mexico border wall. (Reuters)
- Is GameStop stock a long-term investment that's worth the risk?
- Apple stock rises despite European Commission tax appeal.
- Boeing stock paced the Dow despite a ban to a popular aircraft.
Oil, Gold Close Out Dismal Week With Losses
Oil slipped marginally today to close out the volatile trading week as worries surged surrounding the rising COVID-19 infections and as Libya resumed crude exports. Fuel consumption in the U.S. is down in response to the former, shown by pullbacks in the travel sector. In response, November-dated crude lost six cents, or 0.1%, to settle at $40.25 per barrel for the day. Black gold also turned in its third weekly loss in the last four weeks.
Gold prices also fell on Friday, hovering near the two-month lows of yesterday's session. This fall comes as investors flocked to the dollar amid uncertainties surrounding additional coronavirus-related stimulus talks. Gold for December delivery lost $10.60 or 0.6%, to settle at $1,866.30 an ounce for the day, and 4.9% for the week, its worst week since March.