The Journal Gazette
 
 
Saturday, October 24, 2020 1:00 am

Markets end roller coaster week mostly up

ALEX VEIGA | Associated Press

U.S. stock indexes closed mostly higher Friday, though the S&P 500 posted its first weekly loss in four weeks.

The benchmark index eked out a 0.3% gain after another day of wobbly trading. The Dow Jones Industrial Average finished with a small loss. Gains in communication services, health care and other sectors outweighed a decline in technology and energy companies. Treasury yields remained near their highest levels since June.

The indexes bounced between small gains and losses after a sluggish start as investors weighed another batch of results from the summer earnings period. The up-and-down moves have been a familiar pattern recently as traders keep an eye on the ongoing negotiations between Republican and Democractic leaders in Washington over more economic aid for the pandemic-stricken economy.

“It's generally been a little more of a selling market, and a lot of that has to do with waiting to see whether or not we get a fiscal stimulus package before the election,” said Sal Bruno, chief investment officer at IndexIQ. “The odds of that are getting lower and lower the closer we get to the election.”

The S&P 500 rose 11.90 points to 3,465.39, it's second straight gain. The Dow Jones Industrial Average dropped 28.09 points, or 0.1%, to 28,335.57. The Nasdaq composite, which is heavily weighted with technology stocks, gained 42.28 points, or 0.4%, to 11,548.28. The index had been down 0.6%.

Small company stocks continued to best the rest of the market. The Russell 2000 index rose 10.25 points, or 0.6%, to 1,640.50. The index ended the week with a 0.4% gain, while the major U.S. indexes fell.

Stocks have been mostly pushing higher this month after giving back some of their big gains this year in a sudden September swoon.

At a glance

For the week:

• The S&P 500 fell 18.42 points, or 0.5%.

• The Dow lost 270.74 points, or 0.9%.

• The Nasdaq dropped 123.27 points, or 1.1%.

• The Russell 2000 gained 6.69 points, or 0.4%.

For the year:

• The S&P 500 is up 234.61 points, or 7.3%.

• The Dow is down 202.87 points, or 0.7%.

• The Nasdaq is up 2,575.68 points, or 28.7%.

• The Russell 2000 is down 27.97 points, or 1.7%.


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