Stocks Wrap Historic Week With Sizable Wins

Black Friday boosted retail sentiment today

Deputy Editor
Nov 27, 2020 at 1:31 PM
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Stocks closed the Thanksgiving-shortened week with wins for both the day and for the week. Political uncertainty in the U.S. cooled off, following U.S. President Donald Trump's comments that he would exit the White House should the Electoral College vote in President-elect Joe Biden's favor. Additionally, vaccine optimism and a boost in the retail sector as the holiday shopping season kicks off has lifted investor sentiment, resulting in a 37 point win for the blue-chip index. Meanwhile the S&P 500 and Nasdaq Composite both clinched record closes, the former's 45th of 2020. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index, dipped below 20 earlier today for the first time since February.

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

  • Facebook stock rose following the company's cryptocurrency reveal.
  • Schaeffer's Founder and CEO Bernie Schaeffer dives deep on DraftKings, Airbnb and what to expect from future IPOs.
  • Plus, what holiday bonuses did for Amazon stock; how DIS reacted to more layoffs; and why Ulta Beauty is making moves.

The Dow Jones Industrial Average (DJI - 29,910.37) added 37.9 points, or 0.1% on the day, while tacking on 2.2% for the week. As for the Dow components, Amgen (AMGN) topped the list, rising 2%. Meanwhile, Walt Disney (DIS) paced the laggards, logging a 1.3% loss.

Meanwhile, the S&P 500 Index (SPX - 3,638.35) rose 8.7 points, or 0.2%, for the day. The Nasdaq Composite (IXIC - 12,205.85) gained 111.44 points, or 0.9% for the day. The indexes added 3.9% and 3%, respectively, this week.

Lastly, the Cboe Volatility Index (VIX - 20.84) fell 0.4 point, or 1.9% for the day, and 12% on the week.

Closing Summary 1127

NYSE NASDAQ 1127

  1. Today is Black Friday, a historically busy day for many retailers, but the coronavirus pandemic has caused many to change their approach to the shopping season. (CNBC)
  2. In a letter to Senate Banking Committee Republicans, U.S. Treasury Secretary Steven Mnuchin urged for continued trust in the Treasure and Federal Reserve regarding COVID-19 relief programs. (Reuters)
  3. AMZN was boosted after announcing millions for holiday bonuses.
  4. More layoffs did little to help Disney stock.
  5. There's a lot to unpack with Ulta stock lately.

Earnings 1127

Gold Falls Below Historically Psychological Level

Oil prices finished today's session, but logged their fourth-consecutive weekly win, as investors await the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) meeting next week. January-dated crude, shed 36 cents, or 0.8%, to settle at $45.34 a barrel, but tacked on 7.4% for the week.

Gold prices finished lower, as well, at a five-month low and below the psychological $1,800 level. This comes as the appeal for the safe-haven currency fell amid vaccine hopes and a smooth U.S. presidential transition. March-dated gold fell $23.10, or 1.2%, to settle at $1,788.10 an ounce for the day, and 4.5% for the week.

 

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