Stock Market Today: Stocks Mixed on Disappointing Jobless Claims
Biogen (BIIB), Kroger (KR) among some of Thursday's more notable moves.
The stock market held up relatively well Thursday given that the major headlines gave bulls little to work with.
The most recent weekly unemployment report revealed a higher-than-expected 1.5 million new jobless claims, and continuing claims barely edged lower, to 20.54 million from 20.61 million a week earlier.
And on the COVID-19 front, investors have more to worry about than case spikes in the U.S., including in Florida, where scientists at Children's Hospital of Philadelphia and the University of Pennsylvania said the state is showing "all the markings of the next large epicenter of coronavirus transmission." Beijing is experiencing a small but sudden outbreak that could threaten global economic activity.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The broader indices barely budged, however. The Dow shed 0.2% to 26,080. The small-cap Russell 2000 advanced by less than a point, while the S&P 500 picked up less than 2 points to 3,115. The Nasdaq, meanwhile, gained 0.3% to 9,943.
A few individual stocks logged more significant losses, however. Kroger (KR, -3.0%) dipped despite beating earnings expectations, possibly because it didn't update its full-year forecast. And biotech firm Biogen (BIIB, -7.5%) sank amid a federal court ruling invalidating a patent for its multiple sclerosis drug Tecfidera.
It's increasingly clear that the coronavirus threat hasn't passed. That hardly means we're in for another 30% decline like we saw in February and March, but the market could lose some of its froth if outbreaks continue to worsen in the Sun Belt, which could put a damper on the pace of the economic recovery.
From an investing standpoint, this could further extend the market-share and stock-price gains of e-commerce companies, as well as put the spotlight back on health care companies developing COVID-19 tests, treatments and vaccines.
Dividend investors looking to capitalize on the continuation of coronavirus-related sea changes, or at least shield themselves from more COVID-19 worries, can look to real estate … if they pick their spots wisely. While office and retail real estate continue to face a harsh environment regardless of whether the pandemic accelerates further, these nine real estate investment trusts (REITs) provide some insulation, as well as typically well-above-average yields.
-
Hiding the Truth From Your Financial Adviser Can Cost YouHiding assets or debt from a financial adviser damages the relationship as well as your finances. If you're not being fully transparent, it's time to ask why.
-
How to Manage a Disagreement With Your Financial AdviserKnowing how to deal with a disagreement can improve both your finances and your relationship with your planner.
-
5 Actions to Set Up Your Business With Your Exit in MindWhen you're starting a business, it may seem counterintuitive to begin with exit planning. But preparing will put you on a more secure footing in the long run.
-
If You'd Put $1,000 Into Caterpillar Stock 20 Years Ago, Here's What You'd Have TodayCaterpillar stock has been a remarkably resilient market beater for a very long time.
-
If You'd Put $1,000 Into AMD Stock 20 Years Ago, Here's What You'd Have TodayAdvanced Micro Devices stock is soaring thanks to AI, but as a buy-and-hold bet, it's been a market laggard.
-
If You'd Put $1,000 Into UPS Stock 20 Years Ago, Here's What You'd Have TodayUnited Parcel Service stock has been a massive long-term laggard.
-
If You'd Put $1,000 Into Lowe's Stock 20 Years Ago, Here's What You'd Have TodayLowe's stock has delivered disappointing returns recently, but it's been a great holding for truly patient investors.
-
If You'd Put $1,000 Into 3M Stock 20 Years Ago, Here's What You'd Have TodayMMM stock has been a pit of despair for truly long-term shareholders.
-
If You'd Put $1,000 Into Coca-Cola Stock 20 Years Ago, Here's What You'd Have TodayEven with its reliable dividend growth and generous stock buybacks, Coca-Cola has underperformed the broad market in the long term.
-
If You Put $1,000 into Qualcomm Stock 20 Years Ago, Here's What You Would Have TodayQualcomm stock has been a big disappointment for truly long-term investors.
-
If You'd Put $1,000 Into Home Depot Stock 20 Years Ago, Here's What You'd Have TodayHome Depot stock has been a buy-and-hold banger for truly long-term investors.
