The U.S. stock market bounced-back Friday, one-day after the worst day for stocks in three months.
Investors are regaining composure after worries of a slow recovery and fears of a spike in new infections drove the S&P 500 into a 6 percent tailspin the day before.
This week's volatility is a reminder, one trader told Reuters, that hopes of an economic rebound driven by states reopening can be dashed by headlines that revive health concerns, and then return to optimism just as quick.
Banks led Friday's rally after taking a beating most of the week.
Another sector on the upside: travel and tourism stocks.
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%
The Dow jumped more than 800 points and the S&P 500 ended higher but closed just shy of a record on Monday as investors bet that a full economic reopening was finally in sight following the first positive data from a late-stage COVID-19 vaccine trial. Fred Katayama reports.
American Airlines said it is restarting passenger flights to China on Wednesday, lifting the total number of U.S. weekly flights to 10. The U.S. government continues is pushing for more air service between the world's two largest economies. Flora Bradley-Watson reports.
Joe Raedle/Getty Images American Airlines will begin furloughing 19,000 employees on Thursday as Congress fails to reach a deal on a COVID-19 relief bill, CEO Doug Parker announced to employees. The House was set to vote on a $2.2-trillion stimulus package on Wednesday, but the vote was delayed in a last-minute attempt to negotiate a deal with the White House. Visit Business Insider's homepage for more stories. —davidshepardson (@davidshepardson) September 30, 2020 Something is loading.