Positive unemployment data helped investor sentiment
Investors are still awaiting a final call in the U.S. Presidential Election, as well as congressional results, which led to a dip for most of the major indexes. Still, major losses were curbed by upbeat unemployment data. The Dow slipped 66 points today, as Democratic nominee Joe Biden leads U.S. President Donald Trump in the race and has taken lead in battleground states Georgia and Pennsylvania. Elsewhere, the S&P 500 and Nasdaq Composite traded right around breakeven, but all three major indexes locked in their best week since April.
Continue reading for more on today's market, including:
- Bulls rushed toward Roku stock on impressive quarterly report.
- Video game stock surged on revised outlook.
- Plus, fast food stock set to report earnings; another cannabis update; and why CVS stock is enjoyed a rise today.
The Dow Jones Industrial Average (DJI - 28,323.40) fell 66.8 points, or 0.2%, for the day, but rose 6.9% for the week. Johnson & Johnson (JNJ) rose 1.8% to lead the list of Dow winners today. Meanwhile, UnitedHealth (UNH) paced the list of losers with a 2% drop
Meanwhile, the S&P 500 Index (SPX - 3,509.44) shed 1 point, or 0.03%, for the day. The Nasdaq Composite (IXIC - 11, 895.23) gained 4.3 points, or 0.04% for the day. The indexes tacked on 7.3% and 9%, respectively, for the week.
Lastly, the Cboe Volatility Index (VIX - 24.86) lost 2.7 points, or 9.9% for the day, and 34.6% for the week.
- Former Vice President Joe Biden has small lead in Georgia, and the secretary of state there said he expects a presidential vote recount to occur. (Reuters)
- Unemployment is falling at in the U.S., but a trend of long-term unemployment is quickly accelerating. (CNBC)
- This blue-chip icon is set to report earnings.
- Schaeffer's cannabis stock news update returns.
- A new CEO for CVS, plus a nifty earnings beat, helped the stock to a win.
Oil Falls, Gold Rises As Ballots Continue to be Counted in U.S.
Concerns regarding demand after some European countries initiated new lockdowns, in conjunction with drawn-out vote counting in the U.S. election, led oil prices to fall today. In response, December-dated crude fell $1.65, or 4.2%, to $37.14 a barrel today, but rose 4.5% for the week.
Gold is set to lock in its best week since July, as the dollar weakened and Biden pulled ahead slightly in the election. The latter come with boosted hopes of a larger coronavirus relief bill in the U.S. As a result, December gold rose $5.00, or 0.3%, to settle at $1,951.70 an ounce for the day, while adding 3.6% for the week.