Stocks on Wall Street took a breather Friday after a four-day election week rally. But the S&P and Nasdaq notched their biggest weekly percentage gains since April as Democratic challenger Joe Biden edged closer to victory in the race for the White House and the prospect of a policy gridlock eased concerns a Biden administration might tighten corporate regulations.
Sanders Morris Harris CEO George Ball:
"Today's market was the need to inhale after a long period of exhaling enthusiasm. Four days with the average broadly up 5 to 7% is extraordinary, and even the most bullish investors wanted to take a long weekend to enjoy the wealth of the week and just rest until Monday."
The Nasdaq and S&P 500 finished flat Friday. The Dow shed a quarter percent. The Dow shed a quarter percent. For the week, the Nasdaq gained 9%; the Dow and S&P added roughly 7%.
Stocks didn't move much even though the government reported the unemployment rate dropped in October and employers added more jobs than expected.
Back on Wall Street, Coty shares looked prettier to investors, jumping 22%. The cosmetics maker posted a surprise quarterly profit. Demand for its beauty products and fragrances recovered from lockdown lows.
T-Mobile US shares rose. At least five brokerages raised their price targets on the stock after the wireless carrier added more subscribers than analysts had expected and posted revenue that beat Wall Street's expectations.
But Electronic Arts shares dropped. The video games publisher signaled that the surge in demand for games from earlier in the year may be easing.