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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


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.



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.



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.


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