Nasdaq closes above 16,000 for the first time; dow jones down

Nasdaq closes above 16,000 for the first time; dow jones down

The Nasdaq Composite Index closed above the 16,000-mark for the first time on Friday, its second-straight record high, while the Dow braced for its fourth losing session in the past five.

Both the Nasdaq and S&P 500 indexes produced a winning week, breaking a five-week run of high finishes after last week's declines.

The Dow Jones Industrial Average’s second consecutive weekly loss erased its last November gains, extending the index’s decline from its record high on November 8.

Friday's fall was driven by losses in banking, energy and airline stocks as fears of a new lockdown in Europe to curb a resurgence of COVID-19 cases.

Austria outlined plans for a complete lockdown, and fears Germany could follow suit in stock markets globally.

Banking stocks fell, tracking a drop in Treasury yields as investors broke down safe-haven bonds.  Financials was one of the worst-performing S&P sectors.

Carriers including Delta Air Lines, United Airlines and American Airlines, and cruiseliners Norwegian Cruise Line and Carnival Corp all fell.<span style="display: block;margin-bottom:13px;margin-top:13px;"/> <span style="display: block;margin-bottom:13px;margin-top:13px;"/> 

(Photo: Bloomberg)

• The S&P 500 closed down 6.54 points, or 0.14%, at 4,697.95. • The Nasdaq Composite rose 64.63 points, or 0.40%, to 16,058.34

• The Dow Jones Industrial Average fell 269.04 points, or 0.75%, to 35,601.91

Renewed concerns over European demand as crude prices tumbled as major oil firms fell, making the S&P energy sector the worst performer among its peers.

"It's a normal time to take risks. And in this case, there's just enough liquidity that the market doesn't go down - just people take the risk by going to a safe haven," said Jay Hatfield, chief executive of Infrastructure Capital.  Management in New York.

"Right now, COVID-19 is the headline of the day. Every trade in the market right now is being driven by COVID."  Falling yields and safe-haven demand supported key technology stocks, boosting the Nasdaq.

Tech stocks are sensitive to returns, as investors weigh future earnings in the sector against the return on debt.

Shares of FAANG, which have been reeling from massive economic shocks since 2020, are trading broadly higher. 

Netflix Inc. gained along with other stay-at-home stocks.

Chipmaker Nvidia Corp climbed into heavy trading after posting strong quarterly results late Wednesday. The Philadelphia Semiconductor Index also closed its third record high of four.

According to preliminary data, the S&P 500 closed 6.54 points, or 0.14%, down at 4,697.95, while the Nasdaq Composite rose 64.63 points, or 0.40%, to 16,058.34.

The Dow Jones Industrial Average fell 269.04 points, or 0.75%, to end at 35,601.91.

The S&P 500 moved between positive and negative territory on Friday, after a week in which retailers pushed it to record lows on Thursday.

The S&P consumer discretionary sector ended the second day in a row at a new closing peak, which also broke its lifetime high on Friday. This follows strong retail earnings this week and positive signs for holiday buying.

Lowe’s companies closed for a third consecutive record close after reporting third-quarter results on Wednesday. ETSY Inc., which posted earnings earlier this month, achieved the same closing feat.

Macy’s Inc., Kohl’s Corp. and Gap Inc. declined as gainers gained earlier in the week.

The information technology segment was the best performer on the S&P 500.

This was fueled by Intuit Inc., which beat quarterly estimates and raised forecasts after the brokerage dropped its price target on the income tax software company.



this is an unedited and auto-generated supporting article of the syndicated news feed are actualy credit for owners of origin centers. intended only to inform and update you about Sakari naukri , result , UPSC , Exam Jobs etc. for Provides real or authentic news. also Original content may not have been modified or edited by Rojgar samachar team members.

Leave a Reply