The Nasdaq ended higher thanks to two major tech names
Stocks finished the day mostly lower, after jobless claims came in above Wall Street's estimates and topped the number of claims filed in September. In addition, lawmakers in Congress continue to debate the specifics of a COVID-19 relief package, with both sides still negotiating a liability waiver for businesses. In turn, the Dow fell roughly 69 points, and the S&P 500 registered marginal losses. Meanwhile, the Nasdaq finished higher thanks to outsized gains from tech giants such as Netflix (NFLX) and Apple (AAPL). Elsewhere, investors are still waiting for the outcome of today's Food and Drug Administration (FDA) meeting regarding Pfizer's (PFE) coronavirus vaccine.
Continue reading for more on today's market, including:
- Analyst says Best Buy stock is "near peak" valuation.
- This social media giant was accused of anti-competitive practices.
- Plus, General Electric stock punished with costly fine; new highs for SBUX after upbeat forecast; and is now the right time to buy this airline stock?
The Dow Jones Industrial Average (DJI - 29,999.26) fell 69.6 points, or 0.2% on the day. Chevron (CVX) led the Dow components with a 3.2% rise, while Verizon Communications (VZ) paced the laggards, falling 1.5%.
Meanwhile, the S&P 500 Index (SPX - 3,668.10) dropped 4.7 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 12,405.81) was up 66.9 points, or 0.5% for the day.
Lastly, the Cboe Volatility Index (VIX - 22.48) added 0.2 point, or 0.9% for the day.
- President-elect Joe Biden tapped more leaders for key roles, including secretary of Veterans Affairs and director of the White House Domestic Policy Council. (CNBC)
- Sen. Bernie Sanders and five other Democratic senators won't back a bipartisan stimulus package without another round of $1,200 stimulus checks.(MarketWatch)
- Long-term guidance update boosted Starbucks stock to fresh record.
- General Electric stock moved lower following $200 million fine.
- With a vaccine in sight, is it time to invest in this airline stock?
Oil Prices Bounce Back to March Levels on Vaccine Hopes
Oil prices finished today's session substantially higher -- scoring their highest close since March -- as investors wagered on the approval of a COVID-19 vaccine. If approved, the vaccine could positively impact the economy, and therefore boost energy demand. In response, January-dated crude added $1.26, or 2.8%, to settle at $46.78 a barrel.
Meanwhile, gold prices had the opposite reaction to the vaccine's pending approval, finishing lower for a second consecutive time. The focus for the commodity will now shift to next week's Federal Open Market Committee (FOMC) meeting and stimulus news. As a result, February-dated gold dropped $1.10, or 0.1%, to settle at $1,837.40 an ounce.