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US Indexes End Flat Friday With Strong Gains for the Week

GuruFocus.com
·3 min read

- By Julie Young

The Dow Jones Industrial Average closed at 28,323.40 on Friday with a loss of 66.78 points or -0.24%. The S&P 500 closed at 3,509.44 for a loss of 1.01 points or -0.03%. The Nasdaq Composite closed at 11,895.23 for a gain of 4.30 points or 0.04%. The VIX Volatility Index was lower at 24.86 for a loss of 2.72 points or -9.86%.

For the week, the Dow Jones gained 6.9%, the S&P 500 gained 7.3% and the Nasdaq Composite gained 9%. For the year, the Nasdaq is up 32.57%, the S&P 500 is up 8.63% and the Dow Jones is down 0.52%.


Friday's market movers

U.S. indexes ended flat Friday after a four-day election rally. Votes continued to be counted with no official presidential winner yet.

The October employment report was a top headline for the day, with the following results:

  • Non-farm payrolls increased 638,000 following an increase of 672,000 and beating the estimate of 510,000.

  • Unemployment rate decreased to 6.9% from 7.9%.

  • Private nonfarm payrolls increased 906,000 following an increase of 892,000 and beating the estimate of 630,000.

  • Average hourly earnings increased 0.1% in October and 4.5% year over year.

  • Average weekly hours were unchanged at 34.8.

  • Government payrolls decreased 268,000.

  • Participation rate increased to 61.7% from 61.4%.

  • Manufacturing payrolls increased 38,000 following an increase of 60,000.



In other news:

  • Daily Coronavirus cases increased to over 121,000.

  • Joe Biden seems to have the lead in most unannounced states.

  • Wholesale inventories increased 0.4% in September following an increase of 0.5%.

  • The weekly Baker Hughes oil rig count showed an increase of four rigs in the U.S., no change in Canada and a decrease of 46 rigs internationally.

  • Consumer credit outstanding increased $16.21 billion in September following a decrease of $6.93 billion.



Across the board:

  • Cannabis stocks led sector gains with the Global X Cannabis ETF (NASDAQ:POTX) up 12.62%.

  • Aurora Cannabis (NYSE:ACB) +56.39%

  • Tilray (NASDAQ:TLRY) +23.15%

  • Alexandria Advantage (AAWC) +124.14%

  • Coty (NYSE:COTY) +21.97%

  • Square (NYSE:SQ) +12.83%

  • Roku (NASDAQ:ROKU) +12.57%



Small-cap stocks

In small caps, the Russell 2000 closed at 1,644.16 for a loss of 15.89 points or -0.96%. The S&P 600 closed at 925.22 for a loss of 9.72 points or -1.04%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,693.26 for a loss of 60.86 points or -0.52%. The Dow Jones U.S. Small-Cap Value Index closed at 7,322.92 for a loss of 110.74 points or -1.49%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,026.95 for a loss of 10.18 points or -0.50%; the S&P 100 at 1,620.89 for a loss of 0.34 points or -0.021%; the Nasdaq 100 at 12,091.35 for a gain of 13.28 points or 0.11%; the Russell 3000 at 2,067.28 for a loss of 1.18 points or -0.057%; the Russell 1000 at 1,962.60 for a loss of 0.019 points or -0.00096%; the Wilshire 5000 at 36,092.60 for a loss of 29.93 points or -0.083%; and the Dow Jones U.S. Select Dividend Index at 610.08 for a loss of 8.87 points or -1.43%.

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This article first appeared on GuruFocus.