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Aug. 21, 2020, 4:29 p.m. EDT

S&P 500, Nasdaq set fresh records, Dow adds 200 points as investors cheer economic data

S&P 500 rose for 4 straight weeks, its longest winning streak since December 2019

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By Mark DeCambre, MarketWatch , Andrea Riquier

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Meanwhile, health-care news favored bullish investors, with Pfizer Inc . /zigman2/quotes/202877789/composite PFE +1.92%  and BioNTech /zigman2/quotes/214419716/composite BNTX +4.79% saying that they are track to submit a COVID-19 vaccine candidate as early as October, while Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +0.22% said it was beginning the latter phases of its large vaccine trials.

The power of technology stocks reasserted itself this week with the Nasdaq Composite posting its 35th record close of 2020 this week, and Apple /zigman2/quotes/202934861/composite AAPL +0.48%   rose to a new all time high intraday Friday.

Chevron /zigman2/quotes/205871374/composite CVX -0.90%   and Exxon Mobil /zigman2/quotes/204455864/composite XOM -1.52%  dropped as oil prices fell.

On the bearish side of the ledger, a report from Reuters indicated that the U.S. has not confirmed plans to meet with China to check on their adherence to the trade deal signed in January, despite comments from Chinese officials on Thursday.

Democratic presidential candidate Joe Biden is not likely to ease Sino-American tensions either should he be elected in November and may aim to further crack down on the country’s human rights violations, according to a report from the Nikkei Asian Review , which came as the former vice president accepted his party’s nomination for president on Thursday night, casting himself as a salve to a nation wounded by the policies of President Donald Trump.

In health news, the U.S. daily case tally of the coronavirus that causes COVID-19 increased to 46,029 on Aug. 20, according to New York Times Data , as there were at least 1,042 fatalities, the third-straight day that the death toll topped 1,000. As of Friday morning, the U.S. remained first globally with 5.58 million cases and 174,290 deaths, according to Johns Hopkins University data , has was still third in the world with 1.95 million recovered.

Which stocks were in focus?

  • Ride-hailing companies Uber Technologies Inc . /zigman2/quotes/211348248/composite UBER -0.16%   and Lyft Inc . /zigman2/quotes/208999293/composite LYFT -1.21%   were in focus on Friday after they won more time Thursday in their appeal of a ruling that ordered them to immediately classify their drivers as employees in compliance with state law. Shares of Uber were down 1.9%, while those for Lyft closed 2.8% lower.

  • Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA +2.05%   extended the recent run up to their first-ever close above the $2,000 mark, and to buck the weakness seen in its peers and the broader stock market. Shares gained 2.4% and are now up 390% in the year to date.

  • Shares of Foot Locker Inc . /zigman2/quotes/204092533/composite FL -0.57%   rose 1.4% Friday, after the athletic shoe and gear retailer reported a fiscal second-quarter profit that topped forecasts and a big same-store sales beat.

  • Shares of Deere & Co. /zigman2/quotes/207941296/composite DE +2.15%   surged more than 4% toward a record high Friday, after the agriculture and construction equipment maker reported fiscal third-quarter profit and revenue that were well above expectations, while providing a somewhat upbeat outlook.

  • Apple ’s stock /zigman2/quotes/202934861/composite AAPL +0.48%   also extended a climb after touching a market value of $2 trillion. Shares rallied more than 5%, extending its four-week gain over 32%, its best 4-week performance since April 2009, according to Dow Jones Market Data.

  • Amazon.com ’s shares /zigman2/quotes/210331248/composite AMZN +0.32%   were in focus after a key executive, Jeff Wilke, announced his retirement in 2021. The stock was off 0.4%.

How did other markets fare?

The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00%   fell 1.2 basis points to 0.64% as European economic data surprised to the downside. Bond prices move inversely to yields.

December gold futures /zigman2/quotes/210039572/delayed GCZ20 +0.11%  seesawed through the day, settling less than 0.1% higher, at $1,947 an ounce on Comex on concerns about demand, and marking its second straight weekly decline. The U.S. crude benchmark /zigman2/quotes/209723049/delayed CL00 -0.02% declined 1.2%, with the most-actively traded October contract falling 48 cents to settle at $42.34 a barrel on the New York Mercantile Exchange.

Global equities were on the backfoot. China’s CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +1.24%   rose 0.9% and Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.40%   closed 0.2% higher.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.41%  closed at 365.09, down 0.15%. The U.K.’s FTSE benchmark /zigman2/quotes/200549425/delayed FR:UKX -0.49% closed 0.2% lower at 66.10.

In currencies, the greenback was up 0.5% against its major rivals at 93.28, based on trading in the ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.23% .

See: Is the stock market more important to the economy than the $600 unemployment benefit?

/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 37.23
+0.70 +1.92%
Volume: 25.28M
Nov. 27, 2020 5:00p
P/E Ratio
24.11
Dividend Yield
4.08%
Market Cap
$206.94 billion
Rev. per Employee
$586,070
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/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 109.99
+5.03 +4.79%
Volume: 3.87M
Nov. 27, 2020 1:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$26.48 billion
Rev. per Employee
$92,777
loading...
/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 144.00
+0.32 +0.22%
Volume: 3.06M
Nov. 27, 2020 5:00p
P/E Ratio
22.63
Dividend Yield
2.81%
Market Cap
$379.09 billion
Rev. per Employee
$603,509
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 116.59
+0.56 +0.48%
Volume: 46.69M
Nov. 27, 2020 1:00p
P/E Ratio
35.69
Dividend Yield
0.70%
Market Cap
$1982.24 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 91.31
-0.83 -0.90%
Volume: 4.63M
Nov. 27, 2020 5:00p
P/E Ratio
N/A
Dividend Yield
5.65%
Market Cap
$175.78 billion
Rev. per Employee
$2.91M
loading...
/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 40.19
-0.62 -1.52%
Volume: 14.97M
Nov. 27, 2020 5:00p
P/E Ratio
51.66
Dividend Yield
8.66%
Market Cap
$169.93 billion
Rev. per Employee
$3.42M
loading...
/zigman2/quotes/211348248/composite
US : U.S.: NYSE
$ 50.72
-0.08 -0.16%
Volume: 8.34M
Nov. 27, 2020 5:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$89.46 billion
Rev. per Employee
$525,911
loading...
/zigman2/quotes/208999293/composite
US : U.S.: Nasdaq
$ 39.04
-0.48 -1.21%
Volume: 3.66M
Nov. 27, 2020 1:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$12.40 billion
Rev. per Employee
$636,277
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 585.76
+11.76 +2.05%
Volume: 37.56M
Nov. 27, 2020 1:00p
P/E Ratio
1,171
Dividend Yield
N/A
Market Cap
$555.24 billion
Rev. per Employee
$511,871
loading...
/zigman2/quotes/204092533/composite
US : U.S.: NYSE
$ 38.13
-0.22 -0.57%
Volume: 1.62M
Nov. 27, 2020 5:00p
P/E Ratio
11.80
Dividend Yield
1.57%
Market Cap
$3.98 billion
Rev. per Employee
$156,964
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/zigman2/quotes/207941296/composite
US : U.S.: NYSE
$ 261.95
+5.52 +2.15%
Volume: 1.07M
Nov. 27, 2020 5:00p
P/E Ratio
30.13
Dividend Yield
1.16%
Market Cap
$82.09 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 116.59
+0.56 +0.48%
Volume: 46.69M
Nov. 27, 2020 1:00p
P/E Ratio
35.69
Dividend Yield
0.70%
Market Cap
$1982.24 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,195.34
+10.27 +0.32%
Volume: 2.39M
Nov. 27, 2020 1:00p
P/E Ratio
93.58
Dividend Yield
N/A
Market Cap
$1603.27 billion
Rev. per Employee
$351,531
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.85
0.00 0.00%
Volume: 0.00
Nov. 27, 2020 2:02p
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/zigman2/quotes/210039572/delayed
US : U.S.: Nymex
$ 1,783.90
+2.00 +0.11%
Volume: 69,566
Nov. 27, 2020 1:44p
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/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 45.52
-0.01 -0.02%
Volume: 351,413
Nov. 27, 2020 1:44p
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/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,980.77
+61.17 +1.24%
Volume: 16.30B
Nov. 27, 2020 3:00p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,644.71
+107.40 +0.40%
Volume: 0.00
Nov. 27, 2020 3:15p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
393.23
+1.60 +0.41%
Volume: 0.00
Nov. 27, 2020 11:03p
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/zigman2/quotes/200549425/delayed
FR : France: Euronext Paris
70.90
-0.35 -0.49%
Volume: 3,273
Nov. 27, 2020 5:35p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
91.78
-0.21 -0.23%
Volume: 0.00
Nov. 27, 2020 5:00p
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Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre. Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier.

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