Dow, S&P 500 end Friday in positive territory but Nasdaq logs worst week since height of pandemic in March
U.S. stocks on Friday finished a volatile week and trading session mixed, with once-high-flying technology-related stocks suffering the heaviest losses since the coronavirus pandemic took hold in March. Investors attributed the recent volatility to concerns about the presidential election, which is looming, but also to elevated valuations for e-commerce and mega-cap companies that have thus far led the market’s rally from the depths of this public-health crisis. The Dow Jones Industrial Average closed up 131 points, or 0.5%, at 27,666, while the S&P 500 index notched a less than 0.1% gain to finish at 3,340, and the Nasdaq Composite Index declined 0.6% to end at 10,853. All three benchmarks marked weekly declines. The Nasdaq Composite notched its worst weekly skid, off more than 4%, since the over 12% tumble in the week ended March 20, according to FactSet data. The decline for the S&P 500 index, off 2.5%, was its worst since June, with all three benchmarks seeing losses mount as September, a seasonally weak period for stocks, lives up to its billing as the worst month for the equities. The Dow closed out the week down 1.7%. In corporate news, Nikola Inc. shares lost 14.5%, a day after short seller Hindenburg Research published a report on electric-truck maker, accusing it of perpetrating an “intricate fraud” built on lies told by Trevor Milton, its founder over many years. Shares of Oracle Corp. fell 0.6%, even after the database software company late Thursday reported fiscal second-quarter results and an outlook.