The Democratic stimulus bill was passed by the House earlier
Today began with a shocking announcement that had stocks set for turmoil. U.S. President Donald Trump sent a tweet early this morning that he and First Lady Melania Trump had tested positive for COVID-19. As a result, by mid-day the Dow was down over 150 points; and though it rose toward the latter part of the day, the blue-chip ultimately finished the session 134 points lower. Meanwhile, the S&P 500 and Nasdaq turned in losses as well, despite optimistic unemployment data and news that the $2.2 trillion Democratic stimulus bill was passed in the House. For the week, however, all three indexes ended in the black.
Continue reading for more on today's market, including:
- Founder and CEO Bernie Schaeffer analyzes 2020's "odd couple."
- Our latest update from the ever-changing cannabis sector.
- Plus, the best and worst stocks to own in October; and more on Shake Shack's bull note.
The Dow Jones Industrial Average (DJI - 27,682.81) fell 134.1 points, or 0.5%, but added 1.9% for the week. Dow (DOW) led the list today, leading the winners with a 2.6% rise. Meanwhile, Amgen (AMGN) paced the small list losers today, notching a 3.9% drop.
Meanwhile, the S&P 500 Index (SPX - 3,348.42) shed 32.4 points, or 1% for the day, and the Nasdaq Composite (IXIC - 11,075.02) lost 251.49 points, or 2.2%. The indexes each tacked on 1.6% for the week.
Lastly, the Cboe Volatility Index (VIX - 27.63) tacked on 0.9 point, or 3.5% for the day, and 4.7% for the week.
- With President Trump's recent positive coronavirus test, eyes turned toward former Vice President Joe Biden as he shared the room with Trump for nearly two hours during their debate. (CNBC)
- As Halloween approaches, more holidays are on the horizon -- particularly those that function with difficulty if social distancing requirements are still in effect. Here's what one survey says concerning Black Friday. (USA Today)
- This semiconductor stock is one of the best to own in October.
- The month's biggest blue-chip stock to avoid.
- Shake Shack stock notched a bull note from Loop Capital.
There were no earnings of note today.
Gold Notches Highest Weekly Close in Two Months
Oil prices fell for a second-consecutive day, after Trump's positive COVID-19 diagnosis. Additionally, rising output levels threatened to overwhelm the market's recovery process. In response, November-dated crude lost $1.67, or 4.3%, to settle at $37.05 per barrel for the day, and 8.7% for the week.
Gold prices fell as well, though they stayed near the key $1,900 level, brushing off the Trump buzz and notching their biggest weekly rise in eight weeks. However, gains were capped by a steadfast dollar. Gold for December delivery fell $8.70 or 0.5%, to settle at $1,907.60 an ounce for the day, but added 2.2% for the week.