Dow Ekes Out Friday Win as Stocks Log Sizable Weekly Losses

An FDA approval for PFE's COVID-19 vaccine could be imminent

Deputy Editor
Dec 11, 2020 at 4:30 PM
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Stocks closed out the week mostly lower, with the S&P 500 and Nasdaq both logging their third-straight loss. The Dow on the other hand, pivoted into the black in the afternoon to finish marginally higher although all three benchmarks finished with sizable weekly losses. The outlook for additional fiscal stimulus remains murky, with Senate Majority Leader Mitch McConnell maintaining that $908 billion bipartisan proposal will likely not receive Senate Republican support.

The House passed a one-week federal spending extension to avoid a government shutdown through Dec. 18, giving lawmakers more time to negotiate further stimulus measures. And there could be good news over the weekend, after the Food and Drug Administration's (FDA) advisory panel recommended approval of the Pfizer-BioNTech COVID-19 vaccine. Final FDA approval would result in the first broadly distributed doses across the U.S.

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

  • Schaeffer's Founder and CEO Bernie Schaeffer highlights a bull signal that few are watching.
  • Nokia stock is worth keeping an eye on.
  • Plus, the latest on Zynga's acquisitions; SolarEdge brushed off a bull note; and one insurance stock that's worth considering.

The Dow Jones Industrial Average (DJI - 30,046.37) added 47.1 points, or 0.2% on the day, and fell 0.6% for the week. Walt Disney (DIS) led the Dow components with a 13.6% rise, while Goldman Sachs (GS) paced the laggards, falling 1.8%.

Meanwhile, the S&P 500 Index (SPX - 3,663.46) dropped 4.6 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 12,377.87) shed 27.9 points, or 0.2% for the day. The indexes fell 1% and 0.7%, respectively, this week.

Lastly, the Cboe Volatility Index (VIX - 23.31) added 0.8 point, or 3.5% for the day, while finishing the week 12.1% higher.

Closing Summary Dec 11

nyse nasdaq dec 11

  1. Indoor dining in New York City is done for the foreseeable future. With COVID-19 cases on the rise once more, New York Governor Andrew Cuomo announced that restaurants in the city must limit services to outdoor dining, take-out, and delivery. (CNBC)
  2. This U.S. Senate backed the annual National Defense Authorization Act (NDAA), passing the bill with a big enough margin to avoid President Donald Trump's promised veto. (Reuters)
  3. It's been an incredible busy fourth quarter for Zynga stock.
  4. A bull note wasn't enough to send SolarEdge stock higher.
  5. Could this insurance stock be a buy with earnings looming?

Earnings Dec 11

UVOLDec11

Gold Notches Second Weekly Win of December

Oil price fell today, as the new restrictions in New York put a damper on investor sentiment, despite progress in vaccines for the coronavirus. In response, January-dated crude shed 21 cents, or 0.5%, to settle at $46.57 a barrel, and rose 0.7% this week.

Gold prices, meanwhile, rose and locked in a second-consecutive week of gains, with investors placing hopeful that a COVID-19 relief package will come to fruition soon. As a result, February-dated gold gained $6.20, or 0.3%, to settle at $1,843.60 an ounce, while adding 0.2% this week.

 

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