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KiplingerOct 23, 2020
Stock Market Today: Stimulus Stalemate Stalls Stocks
The market was mixed Friday as investors weighed the stalemate over stimulus and some disappointing quarterly reports from major blue chips. Lawmakers' back-and-forth over a deal to pump trillions more into the economy to soften the blow of the pandemic has been a running theme for stocks.

SEE MORE 25 Dividend Stocks the Analysts Love the Most On a more granular level, Intel (INTC) fell 11% after posting earnings late Thursday that revealed a surprise drop in revenue in its critical server business. Meanwhile, American Express (AXP) shed 3.7% after missing analysts' average earnings estimate. Both stocks are members of the Dow Jones Industrial Average, which closed down 0.1% to 28,335. 

"Stocks finished slightly lower, on average, following a string of choppy sessions, with several sudden intraday shifts making traders dizzy on Wall Street," said Gorilla Trades strategist Ken Berman.

"The pressure of the looming elections, the stimulus saga continued throughout the week, the second European COVID wave got even worse, while the number of cases crept higher in the U.S. as well," added Berman. "But the pressure on the domestic healthcare system remains manageable and the economic recovery seems to be on track."

Other action in the stock market today:

The S&P 500 rose 0.3% to 3,465.The Nasdaq Composite added 0.4% to finish at 11,548. The small-cap Russell 2000 inched up 0.6% to 1,640. Have Your Cake and Eat It Too with Mid-Cap Stocks As we await outcomes to the stimulus negotiations


RELATED ARTICLES
Market Snapshot: Stock market ends mostly higher but notches weekly loss as fiscal stimulus hopes fade (MarketWatch)

Yahoo BusinessOct 23, 2020
Stock market news live updates: Stocks mixed as stimulus fears bite, Intel sinks after rough Q3
Stocks reversed earlier gains and turned lower Friday, as investors continued to eye commentary from officials around stimulus talks and considered the final presidential debate.


MarketWatch MarketPulseOct 23, 2020
Dow ends slightly lower as benchmarks book weekly losses
The Dow Jones Industrial Average ended slightly lower Friday, with major benchmarks logging modest weekly declines as efforts toward a new round of coronavirus aid spending out of Washington failed to yet bear fruit. The Dow fell around 27 points, or 0.1%, to end near 28,337, according to preliminary figures, while the S&P 500 gained 12 points, or 0.4%, to close around 3,466. The Nasdaq Composite ended near 11,548, up 42 points, or 0.4%. The Dow lost 0.9% for the week, while the S&P 500 was down 0.5% and the Nasdaq lost 1.1%.

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.



RELATED ARTICLES
Dow closes lower Friday; major U.S. stock indexes book weekly declines (MarketWatch Breaking News)

MarketWatch MarketPulseOct 23, 2020
Oil futures settle lower, with U.S. prices down about 3% for the week
Oil futures on Friday settled with a loss, as rising oil exports from Libya and ongoing worries about energy demand pulled U.S. prices below the $40 mark. Libya's National Oil Corporation said it lifted force majeure on its shipping commitments from the Es Sider and Ras Lanuf ports, Reuters reported Friday-meaning that the ports can meet contractural obligations on oil exports. Libya's "exports could surpass one million [barrels per day] in four weeks," said Marshall Steeves, energy markets analyst at IHS Markit. Libya resumed oil exports last month after the lifting of an eight-month blockade that had halted exports. December West Texas Intermediate crude fell 79 cents, or 1.9%, to settle at $39.85 a barrel on the New York Mercantile Exchange. Based on the front-month contract, the U.S. benchmark contract marked its lowest finish since Oct. 12 and lost 3.1% for the week.

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.



Yahoo BusinessOct 23, 2020
Tesla Claims China Caused Unnecessary Recall
Earlier Friday morning, it was reported that Tesla Inc (NASDAQ: TSLA) would be recalling 30,000 Model S and X vehicles in China. This was due to suspension issues and was being forced by the Chinese government. Now, a letter obtained by Electrek shows Tesla thinks there is no defect, and no recall is needed.The letter is from Elizabeth H. Mykytiuk, Tesla's managing counsel for regulatory affairs, shows Tesla didn't think the recall was necessary, but it was the easier choice when compared with battling through China's regulatory body that asked for the recall."Due to the opinion of SAMR/DPAC that the topic required a recall in the China market, Tesla was left with the choice of either voluntarily recalling the subject vehicles or carrying a heavy burden through the Chinese administrative process," the letter reportedly reads. "While Tesla disagrees with the opinion of SAMR/DPAC, the Company has decided not to dispute a recall for the China market only."Tesla said that the failure pointed out by Chinese regulators happened in less than 0.05% of vehicles outside of China vs about 0.1% of vehicles in China. Electrek reported in 2016 that the NHTSA has investigated a potential issue in Tesla's Model S and Model X suspension, but they didn't find any defect.Photo courtesy of Tesla.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Tesla Hacker Discovers New Radar, Ultrasonic Sensors, More * GM Reportedly Does Not Yet Have A Working Hummer EV(C) 2020 Benzinga.com. Benzinga do

MarketWatch MarketPulseOct 23, 2020
Gold futures post a second weekly loss in a row
Gold futures settled slightly higher on Friday, paring their weekly loss to less than 0.1%. "It is not exactly a coincidence that volatility in the U.S. dollar has been low [Friday] and so has volatility in gold," said David Madden, market analyst at CMC Markets UK. Traders saw little progress toward a coronavirus financial aid package in Washington Friday, ahead of the presidential election on Nov. 3. December gold rose by 60 cents, or 0.03%, to settle at $1,905.20 an ounce. For the week, most-active contract prices lost less than 0.1%.

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.



MarketWatchOct 23, 2020
: Second COVID wave brings the European economic recovery to an end
The strength of the COVID-19 pandemic in Europe is about to bring to an end the swift recovery of the region's economy during the summer months, as shown by a string of indicators published on Friday.

MarketWatchOct 23, 2020
: White House's Kudlow says few signs of progress on fiscal stimulus talks
A top White House economist said fiscal stimulus talks were barely moving Friday morning, the day House Speaker Nancy Pelosi had said the two sides should have text in hand if there was to be a vote before Nov. 3.

MarketWatch MarketPulseOct 23, 2020
Outback Steakhouse parent shares sink, presenting a 'buying opportunity,' analysts say
Bloomin' Brands Inc. sank 8.3% in Friday trading, which presents a "buying opportunity," according to Raymond James analysts. Before the opening bell, the restaurant company reported a third-quarter net loss of $17.6 million, or 20 cents per share, after net income of $9.2 million, or 11 cents per share, last year. An adjusted loss of 12 cents per share was narrower than the 32-cents-per-share loss FactSet forecast. Revenue of $771.3 million was down from $967.1 million last year and ahead of the $753.0 million FactSet consensus. U.S. comparable sales at Outback Steakhouse were down 10.4%, Carrabba's Italian Grill fell 9% and Bonefish Grill sank 22.5%. Bloomin' didn't furlough its workers during the first stages of the coronavirus pandemic, a decision that David Deno, the company's chief executive said was "paying off" in a statement. "Across the U.S. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment," he said, highlighting that the company was able to hold on to 50% of the off-premise volume it had when restaurants were closed even as dining rooms reopening during the third quarter. Bloomin' did not provide guidance due to the uncertainty of the pandemic. "[S]ales concerns seem to overlook the better-than-expected recovery in absolute sales volumes, which continued to grow sequentially in October," analysts said. Raymond James rates Bloomin' shares strong buy with a $21 price target. Bloomin' stock has fallen 26.4% for the year to date while the S&P 500 index is up 7.2% for the period.

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.



MarketWatch MarketPulseOct 23, 2020
Stocks open slightly higher as Wall Street on pace for small weekly loss
U.S. stocks saw a positive start on Friday as investors eyed the chances of a fiscal aid package being passed before the presidential election. The S&P 500 rose 0.3% to 3,463. The Nasdaq Composite was up 0.1% to 11,518. The Dow Jones Industrial Average advanced 43 points, or 0.2%, to 28,407. Even if lawmakers are unable to achieve a deal before the Nov. 3 election, analysts say next year will likely see a deluge of deficit spending by either party that could aid the U.S. recovery. Shares of Intel Corp. fell 11% after the company late Thursday said revenue sank more than expected in the third quarter as sales of server chips suffered.

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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