[ad_1]
The stock market closed a ways off the session lows Friday, but still broadly lower as indexes took back some of the new year’s gains.
X
The Nasdaq composite fell as much as 1.2% and closed 0.9% lower. The composite fell 1.5% for the week and is up about 1% for the new year.
The S&P 500 fell 0.7% and the Dow Jones Industrial Average lost 0.6%. For the week, the S&P fell 1.5% and the Dow 0.9%.
Small caps, the hottest sector of the new year, took a rest. The Russell 2000 fell 1.5% Friday, and ended the week with a 1.5% increase.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30814.26 | -177.26 | -0.57 |
| S&P 500 | (0S&P5) | 3768.25 | -27.29 | -0.72 |
| Nasdaq | (0NDQC ) | 12998.50 | -114.14 | -0.87 |
| Russell 2000 | (IWM) | 210.67 | -3.27 | -1.53 |
| IBD 50 | (FFTY) | 44.17 | -0.50 | -1.12 |
Last Update: 4:20 PM ET 1/15/2021 |
||||
Volume fell on the Nasdaq and rose on the NYSE, unconfirmed numbers showed. Declining stocks led advancers by about 2-t0-1 on the Nasdaq and NYSE.
Defensive sectors performed relatively better. Select Sector Real Estate SPDR (XLRE) climbed 1.3% and Select Sector Utilities (XLU) rose 1%. S&P communications services and health care sectors also rose. Energy was the weakest S&P sector, down after a two-week surge.
Investors appeared to be disappointed in President-elect Joe Biden’s massive stimulus plan, which was announced late Thursday.
The solar energy group, No. 1 or in the top three industry groups for months, tumbled almost 8% despite the fact that Biden favors big spending on clean-energy programs.
Banking Stocks Fall On Earnings
SPDR S&P Bank ETF (KBE) sold off 2.2% after some major banks reported mixed quarterly results. JPMorgan Chase (JPM) fell 1.8%, while Citigroup (C) and Wells Fargo (WFC) sold off 7% and 8%, respectively. All three had just made at least 10-month highs before Friday’s news.
Innovator IBD 50ETF (FFTY), an index of leading stocks, fell 1.1%.
With the stock market broadly lower, few stocks broke out, and barely any among top-rated issues.
SciPlay (SCPL) rose above the 18.60 buy point of a cup base, but closed below the entry. Volume was heavy, so there was institutional interest on the move.
S&P Retail SPDR (XRT) slid 2.4% after the December retail sales report showed a drop of 0.7%, much weaker-than-expected and the third monthly decline in a row.
“Although each state has its own different measures, different tiers, to control the spread, there is one common thread and that is the inability to have a nice a meal at a restaurant, or grab a drink at the local pub, those are big no-no’s,” Jennifer Lee, Senior Economist BMO Capital Markets, said in a report. “And the hospitality sector is suffering. Sales of food services and drinking places dried up for the third consecutive month, with December’s 4.5% drop the most since the first wave.”
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
YOU MIGHT ALSO LIKE:
Stock Market Forecast For 2021 Could Be Bumpier Than You Think
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
IBD Live: Learn And Analyze Growth Stocks With The Pros
MarketSmith’s Tools Can Help The Individual Investor
Biden Stimulus Buzz Wanes; Market Rally, Tesla Have Constructive Week
[ad_2]
Image and article originally from www.investors.com. Read the original article here.