Just One Stock Saved the Dow from Collapsing Today
The Dow Jones struggled toward a loss on Friday, though the Nasdaq shot higher.
Consumer sentiment and income both missed forecasts.
Apple’s earnings release and subsequent share price rally propped up the Dow as other DJIA stocks suffered woeful quarters.
The Dow Jones endured a rough close to the week, as an earnings deluge dragged the stock market bellwether lower.
While Apple surged after a blowout quarter, Caterpillar, Exxon Mobil, and Chevron saw their earnings devastated. Throw in Boeing’s neverending stream of terrible news, and it’s a miracle the Dow didn’t crash even harder.
Dow Flounders as Earnings Headwinds Mount, Consumer Income Falls
After Thursday’s blockbuster Big Tech earnings reports, it was no surprise to see the Nasdaq headlining the stock market on Friday.
As of 3:08 pm ET, the Nasdaq had jumped 0.84% to 10,677.2. The S&P 500 recovered from earlier losses to trade 0.07% higher at 3,248.48.
The Dow was the only one of Wall Street’s three primary indices still lagging in the red. Virtually all of the index’s stocks suffered declines, but a massive rally from Apple mitigated the damage.
At last check, the Dow had lost 59.66 points or 0.23% to edge down to 26,253.99.
It is increasingly evident that economic activity will resume fully only after lockdown restrictions have been given time to work. Otherwise, Covid-19 will continue to spread, making a sustained and rapid economic recovery all but impossible until the arrival of effective, widely available vaccines.
Dow 30 Stocks: Apple Earnings Offset Losses Almost Everywhere Else
As evidenced by several Dow Jones components today, earnings do matter to the stock market. The prospect of another quarter of utter weakness presents a frightful consideration for Wall Street to chew on.