Close Update: Stocks End Friday Session Little Changed, Major Market Indexes Post Losses for Week

Friday, October 23, 2020 4:29 PM | MT Newswires

Stocks closed narrowly mixed on Friday as major market indexes posted slight losses for the week.

The Dow Jones Industrial Average slipped 0.1% to 28,335.57, while the S&P 500 added 0.3% to 3,465.39. The Nasdaq Composite Index gained 0.4% to 11,548.28.

For the week, the Dow slipped 0.95%, while the S&P 500 gave up 0.5%. The Nasdaq Composite Index fell 1%.

Investors endured a choppy week of trading as they navigated an intensifying earnings season, the ups and downs of negotiations over a COVID-19 economic relief package in Washington, and rising COVID-19 infections in the US.

Among stocks moving to the downside, Intel skidded 10.6% after posting Q3 results as investors focused on its profit margin, data center business and progress on new chips. Elsewhere, American Express (AXP) dipped 3.6% after reporting mixed quarterly performance.

On the upside, Mattel (MAT) jumped 9.6% after its quarterly results were ahead of Wall Street expectations. Boston Beer (SAM) surged 19% to a record high after posting Q3 results ahead of Street views. Meanwhile, Foghorn Therapeutics (FHTX) rose 13% in its trading debut after the biotech company priced its IPO at $16 per share.

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