Dow, S&P 500 Log Weekly Losses as Infection Rate Soars

The Nasdaq rose on Netflix's impressive gains

Deputy Editor
Nov 20, 2020 at 4:33 PM
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Stocks finished the day and week mostly lower, amid rising COVID-19 infections and the murky waters surrounding central-bank funding for emergency credit funding programs. The two concerns hindered investors' optimism about a smooth economic recovery. More specifically, the blue-chip index shed nearly 220 points, while the S&P 500 traded considerably lower as well. The tech-heavy Nasdaq Composite looked primed to rise, but pulled back to end the session, despite stay-at-home staple Netflix (NFLX) making sizeable gains. Of the three major indexes, the IXIC was the only to carve out a modest win for the week. 

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

  • Founder and CEO Bernie Schaeffer speculates on last week's record-breaking options surge.
  • Which pot stocks made big moves this week.
  • Plus, WDAY brushes off earnings beat; why options players should target PNC; and how buyers should approach Costco stock.

The Dow Jones Industrial Average (DJI - 29,263.48) fell 219.8 points, or 0.8%, and 0.7% for the week. Nike (NKE) topped the small list of winners today, after it rose 0.8%. Meanwhile, Boeing (BA) fell to pace the laggards, losing 2.9% today.

Meanwhile, the S&P 500 Index (SPX - 3,557.54) lost 24.3 points, or 0.7%, for the day. The Nasdaq Composite (IXIC - 11,854.97) shed 49.7 points, or 0.4% for the day. The former fell 0.8%, while the latter gained 0.3%, for the week.

Lastly, the Cboe Volatility Index (VIX - 23.70) rose 0.6 point, or 2.6% for the day, and 2.6% for the week.

Closing Summary 1120NYSE NASDAQ 1120

  1. With additional lockdowns looming in the face of a third-wave of coronavirus infections, JPMorgan Chase (JPM) became the first major bank to forecast a first-quarter contraction. (CNBC)
  2. After defending his decision to end several Federal Reserve pandemic lending programs, U.S. Treasury Secretary Steven Mnunchin said the incoming Biden administration can use the money to administer economic financial aid. (Reuters)
  3. This cloud computing stock fell despite an earnings beat.
  4. Why premium buyers should target PNC stock.
  5. Costco stock is attractive following a dividend announcement. 

Earnings Nov 20

UVOL 1120

Oil Locks in Third Consecutive Weekly Win

Oil prices firmed to close the week, thanks to successful vaccine trials, though renewed lockdowns in several countries, as well as the threat of such measure in the U.S., kept a lid on gains. In response, the new front-month contract, January-dated crude, added 52 cents, or 1.2%, to settle at $42.42 a barrel. Black gold tacked on 5% for the week, its third-consecutive week of gains.

Mnuchin's comments bolstered investors' hopes regarding additional stimulus in the near future, giving gold prices an edge today. The safe-haven metal proved an appealing hedge against the likelihood of inflation. As a result, December gold gained $10.90, or 0.6%, to settle at $1,872.40 an ounce for the day, but lost 0.7% this week.



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