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KiplingerOct 21, 2020
Stock Market Today: Snap Soars, Netflix Nosedives as Stocks Sit and Wait
Stocks largely remained in limbo Wednesday as Washington continued negotiating to pass a stimulus bill ahead of the Nov. 3 elections.

The Federal Reserve kept the pressure on, insisting yet again that the economy needs another relief measure. "Apart from the course of the virus itself, the most significant downside risk to my outlook would be the failure of additional fiscal support to materialize," Fed Governor Lael Brainard said to the U.K.'s Society of Professional Economists on Wednesday. "Too little support would lead to a slower and weaker recovery."

SEE MORE 50 Top Stock Picks That Billionaires Love But the market wasn't light on action.

Social app Snap (SNAP, 28.3%) rocketed higher following a surprise adjusted quarterly profit. Its report also signaled a "bonanza for online advertising," according to Deutsche Bank, that lifted competitors such as Facebook (FB, 4.2%) and Pinterest (PINS, 9.0%).

"We continue to like Snap shares, despite the (large stock-price move Wednesday), and see upside potential to the company's 47-50% growth comments for 4Q given the improving ad environment and the company's strong positioning into 4Q," writes Lloyd Walmsley, who upgraded his price target from $32 per share to 440.

Netflix (NFLX, -6.9%)

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