Major Indexes Log Steep Losses Amid Uptick in Coronavirus Infections

The major indexes stumbled especially hard after Fed Chairman Jerome Powell's comments

Jake Scott

Deputy Editor

Nov 12, 2020 at 4:29 PM

After starting the week strong, stocks look to be going out on a dim note, as indexes ended today significantly lower. The swift uptick in COVID-19 infections has put a damper on investor sentiment, as the health of the economy is murky heading into the end of the year. In response, the Dow index fell 317 points, while the S&P 500 and Nasdaq Composite slipped substantially, as well. The major averages lowest points of the day came after U.S. Federal Chairman Jerome Powell said economic outlook remains unclear, despite the week's positive vaccine news.

Continue reading for more on today's market, including:

Fresh highs have bulls excited about AES stock.
Salesforce.com stock was hit with rare downgrade.
Plus, why options traders are piling on MRNA; a struggling retail stock with hope; and what analysts are saying about Nike stock.

The Dow Jones Industrial Average (DJI - 29,080.17) fell 317.5 points, or 1.1%, for the day. UnitedHealth (UNH) led the relatively small list of winners today, with a 0.8% rise. Meanwhile, Intel (INTC) paced the laggards, falling 3%.

Meanwhile, the S&P 500 Index (SPX - 3,537.01) dropped 35.7 points, or 1%, for the day. The Nasdaq Composite (IXIC - 11,709.59) shed 76.8 points, or 0.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 25.35) rose 1.9 point, or 8.1% for the day.

Social Security could include expanded benefits and more payroll taxes, according to plans from President-elect Joe Biden. (CNBC)
According to some data, the surge in U.S. coronavirus cases may mean the economy is on its way to a turn for the worse. (Reuters)
Moderna stock attracted options traders after its vaccine update.
This struggling retail stock has a hopeful outlook.
Nike is one blue-chip giant that analysts say is "well-positioned."

Oil Falls, Gold Rises Amid Rising COVID-19 Infections

Oil prices ended the day lower, despite hopes that the world's major producers would keep from increasing supplies as planned. As a result, December-dated crude fell 33 cents, or 0.8%, to $41.12 a barrel.

The logistics of a COVID-19 vaccine roll-out amid surging cases in the U.S., in conjunction with hopes of more fiscal and monetary stimulus, helped gold prices notch a win today. December gold added $11.70, or 0.6%, to settle at $1,873.30 an ounce for the day.

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