Stocks shake off a wobbly start to end higher on Wall Street
Friday, 23 October 2020 U.S. stocks overcame a wobbly start to finish higher Thursday, as traders welcomed more corporate quarterly results for the summer that weren’t as bad as Wall Street feared. The Standard & Poor’s 500 index rose 0.5% after shifting between small gains and losses throughout the morning. The index recouped all of its losses from a day earlier, but remains on track for its first weekly loss after notching a gain in each of the previous three weeks. The stocks of healthcare companies, banks, and communication services accounted for most of the gains. Energy stocks also rose as the price of U.S. crude oil pushed 1.6% higher. Those gains outweighed losses by technology companies and elsewhere...
Wall Street ended higher on Thursday after a choppy trading session, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged U.S. economy, with more data pointing to a slowing labor market recovery. Conway G. Gittens has the market round-up.
Spartan Capital Securities chief market economist Peter Cardillo tells Reuters Fred Katayama investors are overly optimistic on the impact of vaccines as AstraZeneca's trial data comes under question. He also provides his view on retailers' prospects for the holiday shopping season.
Tesla may be the new kid on the block in the auto industry, but it's quickly become a big kid on Wall Street. The electric-car maker's shares continued to climb more than 4% on Tuesday. This increases the company's total market value above $500 billion for the first time. The milestone comes on the heels of a banner year for Tesla's stock, says CNN. Tesla recently upgraded facility now has the capacity to build 500,000 Model Y and Model 3 sedans a year.
On Friday, US stocks made gains as hopes for a peaceful transition to the Biden administration offset concerns about soaring COVID-19 cases. Business Insider reports S&P 500 closed at a record high. On Thursday Pres. Donald Trump said he'd hand over power when the Electoral College certifies President-elect Joe Biden as the winner of the 2020 election. The US reported 125,082 new coronavirus cases on Thursday. That brought the seven-day average to 163,831, according to the COVID Tracking Project. Deaths topped 254,000, and hospitalizations jumped above 90,000. The stock market's "fear gauge" fell as low as 19.51 on Friday, dropping amid low trading volumes to its lowest level since the pandemic began.
The S&P 500 and the Dow retreated Wednesday as a surprise rise in weekly jobless claims added to signs the recovery of the labor market was stalling amid a surge in COVID-19 infections. Fred Katayama reports.
On Monday, US stocks rose. AstraZeneca said its COVID-19 vaccine candidate demonstrated an average efficacy rate of 70%. This is the third COVID-19 vaccine said to have surpassed the Food and Drug Administration's requirement of 50% effectiveness. S&P 500: 3,580.82, up 0.7% Dow Jones industrial average: 29,473.41, up 0.7% (210 points) Nasdaq composite: 11,929.04, up 0.6%
U.S. stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments. Conway G...