Dow Snaps Losing Streak, Nasdaq Logs Fourth Weekly Gain

Vaccine sentiment turned more optimistic after PFE comments

Assistant Editor
Oct 16, 2020 at 4:30 PM
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The Dow closed higher for the first time in four days, finishing up 112 points after better-than-expected retail data, which showed sales rising 1.9% in September -- much higher than the anticipated 0.7%. The S&P 500 landed modestly in the black as well, with COVID-19 vaccine news from Pfizer (PFE) boosting the broader market. In the last few minutes of trading, however, a heavy-weighing Apple (AAPL) dragged the Nasdaq into the red. For the week, all three benchmarks posted modest gains, with the Dow and S&P 500 locking in three straight, and the Nasdaq posting its fourth-straight weekly gain.

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

  • Blue-chip drugmaker signals upbeat vaccine sentiment.
  • VIPS veers toward bull signal before earnings. 
  • Plus, KMB struggled to break past former highs; FVRR rose alongside the freelance sector; and the pet stock that moved higher on a bull note.

The Dow Jones Industrial Average (DJI - 28,606.31) rose 112.1 points, or 0.4% today. Caterpillar (CAT) rose to the top of the Dow with a 2.3% win, while AAPL landed at the bottom with a 1.4% loss. For the week, the index rose 0.06%.

Meanwhile, the S&P 500 Index (SPX - 3,483.81) added 0.5 point, or 0.01% for the day, and 0.2% for the week. On the other hand, the Nasdaq Composite (IXIC - 11,671.56) shed 42.3 points, or 0.4% for the day, but tacked on 0.8% for the week. 

Lastly, the Cboe Volatility Index (VIX - 27.41) gained 0.4 point, or 1.6% for the day, and 9.6% for the week.

Closing Indexes Summary Oct 16

NYSE and Nasdaq Stats Oct 16

        
  1. Ahead of November's presidential election, investors have begun to weigh in on "election-win scenarios." For example, the energy sector has been in the spotlight, with potential shakeups in the oil market(Marketwatch)
  2. The U.S. government budget deficit for the fiscal year of 2020 came in at record numbers(CNBC)
  3. Kimberly-Clark stock brushes off a brand-new bull note.
  4. Online platform name skyrockets amid pandemic. 
  5. Rise in pet adoptions pushes CHWY higher. 

Earnings 1016

Unusual Options Activity Oct 16

Gold Notches First Weekly Loss in 3

November-dated crude fell 8 cents, or 0.2%, for the second-straight day to settle at $40.88 a barrel. This slight drop comes amid global coronavirus worries, but was deterred from further losses due to output reassurance from the Organization of the Petroleum Exporting Countries and their allies (OPEC+). However, the commodity still gained 0.7% for the week -- it's second-straight weekly climb. 

Gold prices ended lower today, as the U.S. dollar rose in strength. December gold fell $2.50, or 0.1%, to settle at $1,906.40 an ounce for the day. For the week, it fell around 1% to notch its first weekly loss in the last three. 


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