The markets closed in the green as the NASDAQ was pulled up once again by the technology sector amid concerns over whether new, potential stimulus in the U.S. will pass and a growing number of coronavirus cases in Europe. The Final Round panel discusses the latest.
SEANA SMITH: Welcome back to "The Final Round" here on Yahoo Finance. I'm Seana Smith. We are wrapping up what has been a very volatile week for the market, investors trying to gauge whether or not we have seen the worst of the selling. It looks like, in terms of today, though, investors finding a reason to buy ahead of the week, and the Dow on track to close up nearly 400 points, S&P up just over 1.5%, and we're also seeing some pretty solid gains in the NASDAQ.
The NASDAQ has been the big outperformer. It's been the case all day today, on track to close up over 2%, inching closer and closer back to that 11,000 level. That was the level that it fell below quite some time ago. Questions whether or not-- or how long, I should say, it would take us to get back there. But certainly, after today's rally, and if that continues into next week, it's not going to take much longer.
In terms of the big outperformers, A lot of those tech names have been under pressure over the last three weeks, carrying the gains today. Apple amongst the top performers in the Dow today, along with Microsoft. We're also seeing some solid gains from Amazon and Google. Taking a look at the sector action, in addition to technology, real estate and utilities outperforming.
Well, that does it for the market action for the day and for the week, wrapping up what has been a pretty volatile week, I guess you can say, for the markets. We have the Dow and the S&P closing in the red on a weekly basis. It was the fourth week in a row that we've seen declines for the Dow and the S&P. The NASDAQ, though, barely eking out weekly gains.
And of course, this comes after yesterday's big-- or after today's, I'm sorry, big jump in the NASDAQ, closing up just over 2%. I mentioned the strength that we're seeing in a lot of those big tech names. Apple and Microsoft amongst the big winners here in the Dow today. Also in the NASDAQ, obviously. But then clearly, outside of that, we're seeing gains in Google, we're seeing gains in Amazon, in Netflix, in Facebook, those FANG names leading the way today.
In terms of some of the other sector action, utilities, health care, industrials on the board here and moving to the upside, amongst the big outperformers today. Energy, though-- and it's been the story for the year-- energy continues to be a laggard.
Taking a look at some of the other leadership names that we're seeing in the market today, we take a look at the S&P. Some of those cruise lines that we don't see too often are leading the way today. We had Norwegian, Carnivore-- Carnival, Royal Caribbean amongst the big leaders today, Norwegian up just over 13%. And this, of course, comes on the heels of an upgrade from Barclays saying that now is the time to buy those three names.
Well, I want to bring in my co-host for the next 60 minutes, Myles Udland. He is still with us. And Myles, we're capping off what has been a week that we saw pretty big swings in the market. Yesterday, we were talking about that 500-point swing in the Dow. We've seen a couple of days of that now. The selling, at least at this point, seems to be under control. But what do you make of the-- I guess the recent action that we've seen in the market, and also just the fact that we're lacking any real catalysts at this point?
MYLES UDLAND: Yeah, I just want to pick up on what you said in the energy space. Exxon shares, they were up today, but they've been down 18 of the last 20 sessions, to just give you a kind of-- an example of how rough things are out there in the energy space. But you know, I said it yesterday, and I can't imagine that I'm really going to be changing my view on this, as long as the market doesn't change its view, which is that, with the S&P here trading between the 50-day and the 200-day moving average.
And with the election now I think just 38 days away, something like that, which brings us basically 30 trading sessions from the election, with second quarter earnings about to get underway in just a couple of weeks, it's going to be very hard, I think, for the market to have a definitive move up or down during that period. If anything, you might say the balance of risks, given where the VIX is at, and again, given kind of the election uncertainty that is inevitable, and that is already being priced into this market, given that, if anything, there would be a downside impulse to the market.
But I think it's going to be difficult to see much more than a sideways type environment, given where the S&P is on a technical basis and given the news hurdles we know we have to overcome before we can start to think about what does 2021 and beyond look like from a policy perspective, and sort of how companies are able to recover or continue the earnings recovery, or whether that will end up being short-circuited.