Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Nasdaq ends atop 16,000 mark for the first time on tech strength

11/19/2021 | 05:03pm EST
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York

(Reuters) - The Nasdaq Composite Index closed above 16,000 points for the first time on Friday, in its second-straight record finish powered by technology stocks, while pandemic jitters sent the Dow to its fourth losing session in the last five.

Both the Nasdaq and S&P 500 index scored a winning week, up 1.2% and 0.3% respectively, after last week's declines snapped a five-week run of higher finishes.

The Dow Jones Industrial Average's second-successive weekly loss - this one of 1.4% - wiped out the last of its November gains, extending the index's drop from a Nov. 8 record high to 2.3%.

Friday's fall was caused by banking, energy and airline stocks slumping on fears that European countries, battling a resurgence of COVID-19 cases, could follow Austria in moving towards a full lockdown.

Banking stocks fell 1.6%, tracking a drop in Treasury yields as investors snapped up safe-haven bonds. The S&P energy index dropped 3.9%, the worst performing sector, as crude prices fell on demand implications. [O/R] [US/]

Carriers including Delta Air Lines, United Airlines and American Airlines, and cruiseliners Norwegian Cruise Line and Carnival Corp all dropped between 0.6% and 2.8%.

"It's a normal time to take risk off. And in this case, there's just so much liquidity that the market doesn't go down - just people take risk off by going into safe havens," said Jay Hatfield, chief executive of Infrastructure Capital Management in New York.

Falling yields and safe-haven demand supported major technology stocks, which in turn lifted the Nasdaq.

FAANG stocks, which have largely persevered through economic shocks since 2020, traded broadly higher. Netflix Inc gained along with other stay-at-home stocks.

Chipmaker Nvidia Corp rose 4.1% to its third straight closing high, and the Philadelphia semiconductor index, up 0.3%, hit its third record closing high in four.

The Dow Jones Industrial Average fell 268.97 points, or 0.75%, to 35,601.98; the S&P 500 lost 6.58 points, or 0.14%, at 4,697.96; and the Nasdaq Composite added 63.73 points, or 0.4%, to 16,057.44.

The S&P 500 gyrated on Friday before slipping into negative territory, after a week in which retailers pushed it to a record finish the previous day.

The S&P consumer discretionary sector rose 0.3% to a closing peak for a second day in a row, after breaking its lifetime intraday high on Friday. This follows strong retail earnings this week and positive signs for holiday shopping.

Lowe's Companies rose 0.9% to its third successive record close after reporting third-quarter results on Wednesday. Etsy Inc, which posted earnings earlier this month, achieved the same closing feat after finishing up 1.4%.

"Out of the Q3 earnings, one of the trends we have seen is the resounding strength of the U.S. consumer," said Jessica Bemer, portfolio manager at Easterly Investment Partners.

"We've heard it all through this week from retailers talking about the consumer coming back into the store, enjoying the shopping experience and getting ready for the holidays. It makes sense but it was really validated during earnings season."

Profit-taking in names which gained earlier in the week led to drops of between 2.9% and 8.8% in Macy's Inc, Kohls Corp and Gap Inc.

The information technology segment, up 0.8%, was the best performer on the S&P 500.

It was buoyed by Intuit Inc, which jumped 10.1% as brokerages lifted their price targets on the income tax software company after it beat quarterly estimates and raised forecasts.

Volume on U.S. exchanges was 10.68 billion shares, compared with the 11.12 billion average for the full session over the last 20 trading days.

The S&P 500 posted 45 new 52-week highs and nine new lows; the Nasdaq Composite recorded 100 new highs and 309 new lows.

(Reporting by Ambar Warrick and Devik Jain in Bengaluru and David French in New York; Editing by Maju Samuel and Richard Chang)

By David French

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 0.69% 17.42 Delayed Quote.-3.62%
ETSY, INC. 3.49% 168.91 Delayed Quote.-25.49%
INTUIT INC. 3.63% 565.46 Delayed Quote.-15.22%
NETFLIX, INC. 1.38% 523.255 Delayed Quote.-14.37%
12:02pGlobal markets live: Unilever, United Airlines, Amazon, Walt Disney, Novavax...
11:58aGrowth bargains, upbeat earnings boost Wall Street
09:54aAmerican Airlines Fourth-Quarter Loss Narrows But Omicron Dents Full Revenue Recovery F..
09:38aWALL STREET STOCK EXCHANGE : Nasdaq aims for rebound after entering correction territory
08:50aAmerican Airlines Expects to Return to Profitability Later in 2022
07:47aAmerican Airlines reports $931 million fourth-quarter loss
07:28aAmerican Airlines Group Posts Narrower Q4 Adjusted Loss, Higher Revenue
07:10aAmerican Airlines sees returning to profitability in March, warns of higher costs
07:03aAMERICAN AIRLINES GROUP INC. : Results of Operations and Financial Condition, Regulation F..
More news
Analyst Recommendations on AMERICAN AIRLINES GROUP INC.
More recommendations
Financials (USD)
Sales 2021 29 837 M - -
Net income 2021 -2 110 M - -
Net Debt 2021 32 382 M - -
P/E ratio 2021 -5,08x
Yield 2021 -
Capitalization 11 208 M 11 208 M -
EV / Sales 2021 1,46x
EV / Sales 2022 0,99x
Nbr of Employees 119 800
Free-Float 99,0%
Duration : Period :
American Airlines Group Inc. Technical Analysis Chart | AAL | US02376R1023 | MarketScreener
Technical analysis trends AMERICAN AIRLINES GROUP INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Last Close Price 17,31 $
Average target price 18,89 $
Spread / Average Target 9,16%
EPS Revisions
Managers and Directors
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
Kevin Brickner Senior Vice President-Technical Operations
Sector and Competitors