Dow, SPX Finish With Weekly Wins Amid Vaccine Optimism

The Nasdaq logged its third weekly loss in four weeks

Deputy Editor
Nov 13, 2020 at 4:37 PM
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The major indexes ended Friday on a good note, as investors bet on stocks tied to a potential COVID-19 vaccine, and remained hopeful of a smooth economic recovery in 2021. Still, the surge of coronavirus cases in the U.S. and abroad kept a lid on gains. In response, the Dow index rose nearly 400 points, while the S&P 500 and Nasdaq Composite also secured daily wins, the former marking a fresh record close. Today's positive news also saw the blue-chip and the SPX lock in wins for the week, while the Nasdaq Composite slid to its third weekly loss in four weeks.

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

  • This cosmetic stock fell after its third-straight quarterly loss.
  • Why this blue-chip theme park is attracting options traders.
  • Plus, why bulls and bears should consider LB; more on Best Buy's pandemic potential; and one snack giant that has analysts excited.

The Dow Jones Industrial Average (DJI - 29,479.81) rose 399.6 points, or 1.4%, for the day, and 4.1% for the week. The list of winners was long today, with Cisco (CSCO) coming out on top after adding 7.1% and no blue chips ending in the red.

Meanwhile, the S&P 500 Index (SPX - 3,585.15) added 48.1 points, or 1.4%, for the day. The Nasdaq Composite (IXIC - 11,829.29) gained 119.7 points, or 1% for the day. The former tacked on 2.2%, while the latter lost 0.6%, this week.

Lastly, the Cboe Volatility Index (VIX - 23.10) fell 2.3 points, or 8.9% for the day, and 7% for the week.

Closing Indexes Summary Nov 13

NYSE and Nasdaq Stats Nov 13

  1. U.S. President Donald Trump saw more legal challenges fall short, as he withdrew his efforts in Arizona and a judge rejected a bid in Michigan.  (CNBC)
  2. In France, the second week of lockdowns has led to a decrease in coronavirus infections and hospitalizations, according to health ministry data.(Reuters)
  3. Bulls and bears alike should consider this fashion retail stock.
  4. Best Buy stock could prove to be a pandemic winner.
  5. Analysts are piling on UTZ amid acquisition rumors. 

Earnings Nov13

Unusual Options Activity Nov 13

Oil Loses the Day, Wins the Week

Rising COVID-19 infections once again put a damper on oil prices today, as did swelling output from Libya. Still, optimism surrounding a vaccine for the virus kept losses in check. In response, December-dated crude fell 99 cents, or 2.14%, to $40.13 a barrel, but rose 7.3% this week.

Gold price rose, as investors flocked to bullion amid skepticism surrounding a potential vaccine and the toll increasing virus cases could have on the economy. December gold added $12.90, or 0.7%, to settle at $1,886.20 an ounce for the day, but lost 3.4% for the week.

 

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