Stocks rise for first time in three days | Investors seek safety in tech | CDC: Stay home for Thanksgiving

THU, NOV 19, 2020

EVENING BRIEF

AS OF THU, NOV 19, 2020 • 04:22 ET

DJIA		29483.23
		+0.15%	+44.81

S&P 500		3581.87
		+0.39%	+14.08

NASDAQ		11904.71
		+0.87%	+103.11

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	118.64	+0.61	+0.52%
BA	205.67	+2.37	+1.17%
INTC	45.62	+0.56	+1.24%

S&P 500
NAME	LAST	CHG	%CHG
GE	9.66	-0.07	-0.72%
AAPL	118.64	+0.61	+0.52%
AAL	12.79	+0.05	+0.39%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	118.64	+0.61	+0.52%
TSLA	499.27	+12.63	+2.60%
AMD	85.54	+3.00	+3.63%

EDITOR'S NOTE

The number of coronavirus cases in the U.S. is increasing at an alarming rate, leading investors to once again favor high-flying technology stocks.

Shares of Facebook, Amazon, Netflix, Alphabet, Microsoft and Apple all rose, lifting the broader market benchmarks. The Dow Jones Industrial Average gained 44 points, or 0.2%, after briefly falling more than 200 points. The S&P 500 climbed 0.4% and the Nasdaq Composite advanced 0.9%.

"Technology stocks have become investors' security blanket. When anxiety rises, they go back to the reliable growth of technology," said Michael Arone, chief investment strategist at State Street Global Advisors.

A CNBC analysis of Johns Hopkins University data found that the seven-day average of daily new U.S. coronavirus infections is now at 161,165, up 26% from last week. In total, the U.S. has reported more than 11.5 million confirmed cases of the virus.

"Negative COVID headlines/increased economic lockdowns (especially in NYC and LA County) are starting to offset vaccine optimism, and that's weighing on stocks," wrote Tom Essaye, founder of The Sevens Report. "We are now facing the biggest number of economic restrictions since the spring, and that will weigh on economic growth and, potentially, earnings."

Billionaire hedge fund manager Bill Ackman, who made billions betting against the broader market in March as the pandemic was kicking off, said investors need to brace themselves for a "tragic" end of the year.

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