S&P 500, Nasdaq Put Bow on Record-Setting Week

All three benchmarks nabbed weekly wins, too

Digital Content Manager
Aug 21, 2020 at 4:35 PM
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All major indexes solidified their gains on Friday to close out a record-breaking trading week on a high note. The Dow was able to build off yesterday's close, ending the day with a 200-point gain as Apple (AAPL) continued to climb the charts. Meanwhile, the S&P 500 raced across the finish line for a record close, while the Nasdaq Composite secured its second-straight record close thanks to an ever-strong technology sector. Upbeat manufacturing data, as well as an increase in existing home sales were also sure contributors to today's optimistic investor sentiment.

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

    • Lyft shares dropped despite California's emergency stay ruling.
    • There's unchecked market optimism that should give traders pause
    • Plus, analysts crack open a beer stock; Deere stock rumbles to record highs; and an outperforming sports retailer is ripe for upgrades. 

    The Dow Jones Industrial Average (DJI - 27,930.33) gained 190.6 points, or 0.7% for the day, but finished with a marginal weekly loss. Apple (AAPL) finished with a 5.5% jump, pacing the 18 gainers. Coca-Cola (KO) paced the 12 laggards with a less than 1% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,397.16) added 11.7 points, or 0.3% for the day, and up 0.8% for the week. The Nasdaq Composite (IXIC - 11,311.80) added 46.85 points, or 0.4% for today's session, and 2.7% for the week.

    Lastly, the Cboe Volatility Index (VIX - 22.54) lost 0.2 point, or 0.8%, for the day. It added 2.2% for the week.

    closing summary august 21

    nyse nasdaq august 21

    1. Sales of previously-owned homes are on the rise, but the state of the current job market and the supply of homes remain two of the biggest caveats. (MarketWatch)
    2. No less than seven major retailers filed for bankruptcy protection in the last two weeks, over fears of a second wave of coronavirus cases in the winter. (CNBC)
    3. This beer stock earned a price-target hike from analysts this morning.
    4. Deere stock soared to record highs after an earnings and revenue beat.
    5. If past is precedent, this sports retailer could soar in the coming weeks.

     earnings august 21

    unusual options august 21

    Data courtesy of Trade-Alert

    Gold Registers First Consecutive Weekly Loss Since March

    Oil futures finished the week with a 0.1% gain, but prices settled lower on Friday due to lingering concerns over demand. Nonetheless, U.S. oil rigs finally rose, putting an end to a three-week losing streak. October-dated crude was down 48 cents, or 1.1%, to end at $42.34 a barrel. 

    Meanwhile, gold prices registered their first consecutive weekly loss since March. The commodity ended the day slightly higher though, but gains were capped by a U.S. dollar that seems to only grow stronger. Gold for December, which is the most-active contract, added 50 cents, or 0.1%, to settle at $1,947 an ounce. It finished the week with a 1.2% loss.

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