Both the Nasdaq Index and the S & P 500 Index recorded a winning week, rising 1.2% and 0.3%, respectively, after last week’s decline hit a five-week high.
The Dow Jones Industrial Average’s two consecutive weekly losses (which is 1.4%) wiped out the last rise in November and widened the index decline from its November 8 high to 2.3%. ..
Friday fall was caused by Bank, Energy and Airline stock European countries fighting the resurrection of COVID-19 cases are depressed in fear that they may follow Austria as they move towards a complete blockade.
Bank stocks fell 1.6%, tracking the decline in Treasury yields as investors got safe bonds. The S & P Energy Index fell 3.9%, the worst performing sector, as crude oil prices fell on demand.
Airlines such as Delta Air Lines, United Airlines and American Airlines, and Norwegian Cruise Line and Carnival Corporation of Cruise Liners all fell between 0.6% and 2.8%.
Jay Hatfield, Chief Executive Officer of Infrastructure Capital, said: Management in New York.
Lower yields and demand for safe haven supported major tech stocks, which pushed Nasdaq up.
FAANG shares, which have survived the economic shock since 2020, have been traded at a significantly higher price. Netflix Inc has risen along with other stay-at-home orders.
Chip maker Nvidia Corp rose 4.1% to a record high for the third consecutive time, and the Philadelphia Semiconductor Index rose 0.3% to a third high for the fourth time.
The Dow Jones Industrial Average fell 268.97 points (0.75%) to 35,601.98. The S & P 500 was 4,697.96, down 6.58 points, or 0.14%. The Nasdaq Composite Index added 63.73 points, or 0.4%, to 16,057.44.
The S & P 500 turned on Friday and slipped into the negative territory. A week later, retailers achieved a record finish the day before.
The S & P consumer discretionary sector rose 0.3% to close for the second straight day after hitting a daytime high on Friday. This follows strong retail revenues this week and positive signs of holiday shopping.
Lowe’s Companies recorded a record closing price for the third consecutive year, rising 0.9% after reporting its third-quarter results on Wednesday. Etsy Inc, which made a profit earlier this month, achieved the same closing feat after finishing 1.4%.
“One of the trends we’ve seen in third-quarter earnings is the overwhelming strength of US consumers,” said Jessica Bemer, portfolio manager at Easternly Investment Partners.
“This week, I’ve heard from retailers about consumers coming back to the store to enjoy shopping and preparing for vacations. That makes sense, but it actually does during the revenue season. It has been verified. ”
Name profits earned at the beginning of the week led to a 2.9% to 8.8% decline at Macy’s, Coles and Gap.
The information technology segment increased 0.8%, showing the best performance on the S & P 500.
Intuit Inc surged 10.1% as securities firms raised price targets for income tax software companies after surpassing quarterly estimates and raising forecasts.
Volume on the US exchange was 10.68 billion shares, compared to an average of 11.12 billion shares for all sessions over the last 20 trading days.
The S & P 500 recorded 45 new 52-week highs and 9 new lows. The Nasdaq Composite recorded a new high of 100 and a new low of 309.
US stocks: Nasdaq finishes above 16,000 mark for the first time in technology
https://economictimes.indiatimes.com/markets/stocks/news/nasdaq-ends-atop-16000-mark-for-the-first-time-on-tech-strength/articleshow/87811442.cms US stocks: Nasdaq finishes above 16,000 mark for the first time in technology