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Home / Market News / Dow industrials book second straight gain to end about 0.5% from record high but tech selloff sends Nasdaq skidding to 3% weekly loss

Dow industrials book second straight gain to end about 0.5% from record high but tech selloff sends Nasdaq skidding to 3% weekly loss

Posted by: Market Watch in Market News November 10, 2020

U.S. stocks on Tuesday finished on a mixed note, with the Dow Jones Industrial Average, outperforming its benchmarks counterparts and small-capitalization and value-oriented stocks performing best of all. Meanwhile, the Nasdaq Composite Index finished lower for a second straight session as investors, preparing for a future where a vaccine/and or treatment for coronavirus, sold large-capitalization technology-related stocks and those which have been buoyed by popular trends fostered during the COVID-19 pandemic. The Dow closed up by about 260 points, or 0.9%, at about 29,420, just shy of its Feb. 12 record high at 29,568.57. The blue-chip index handily outperformed its benchmark peers. The S&P 500 index closed down 0.1% at 3,545, weighed by a 1.9% decline in information technology and a 1.1% drop in the consumer discretionary sector ; while the Nasdaq Composite finished down 1.4%, bringing its weekly decline thus far to 2.9%. Meanwhile, the small-capitalization-focused Russell 2000 index closed up around 1.8% (on a preliminary basis) and is on pace for a weekly gain of over 5%, according to FactSet data. Markets continue to focus on progress toward a coronavirus vaccine evidenced by reports from Pfizer and the official conclusion of the presidential election, which is projected to be won by former Vice President Joe Biden. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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