Nasdaq hits a record high

A new milestone for the Nasdaq. The index topped the 16,000 mark for the first time Friday, as declining bond yields pumped up tech stocks.

But the Dow fell for the fourth time this week. Fears of new lockdowns in Europe to curb a resurgence of COVID-19 cases drove down banking, energy and airline stocks, pushing the S&P into the red as well. Falling oil prices dragged down energy stocks.

Investors instead sought safety in bonds, driving down yields, which in turn pressured financial stocks.

Mercadien Asset Managemenet President Ken Kamen:

“The markets are dealing with this close down now in Austria and the COVID news that Germany might be following suit. So I mean the market has gotten used to COVID to some extent, but not that used to it that it won't react. So I think that we're getting a little bit of market jitters here.”

The Dow fell three quarter percent. The S&P edged down a tenth of a percent, but the Nasdaq added four tenth percent. The latter two indexes gained ground on the week.

Investors pummeled shares of Foot Locker. The athletic retailer said supply chain constraints will persist into early next year due to shipping bottlenecks and manufacturing delays.

Intuit was the top gainer on the S&P. Analysts lifted their price targets on the tax software company after it beat quarterly estimates and raised forecasts.

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