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Julie Young
Julie Young
Articles (1454) 

US Indexes Higher Friday, but Lower for the Week of April 24

S&P 500 down 12.20% for the year

The Dow Jones Industrial Average closed at 23,775.27 on Friday with a gain of 260.01 points or 1.11%. The S&P 500 closed at 2,836.74 for a gain of 38.94 points or 1.39%. The Nasdaq Composite closed at 8,634.52 for a gain of 139.77 points or 1.65%. The VIX Volatility Index was lower at 35.80 for a loss of 5.58 points or -13.48%.

For the week, the Dow Jones fell 1.9%, the S&P 500 was down 1.3% and the Nasdaq returned -0.2%. For the year, the Dow Jones is down 17.60%, the S&P 500 is down 12.20% and the Nasdaq has a return of -3.77%.

Fridays market movers

U.S. indexes closed higher Friday, but reported losses for the week. Investors were closely watching earnings reports from American Express and Verizon.

  • American Express (NYSE:AXP): Reported revenue of $10.31 billion, decreasing 0.5% year over year and missing estimates by $360 million. First-quarter GAAP earnings of 41 cents per share missed estimates by $1.12 and non-GAAP earnings of $1.98 beat estimates by 31 cents.
  • Verizon (NYSE:VZ): Revenue of $31.6 billion decreased 1.6% year over year and missed estimates by $770 million. First-quarter GAAP earnings of $1 missed estimates by 22 cents and non-GAAP earnings of $1.26 beat estimates by 4 cents.

The government announced the passing of its $484 billion stimulus package, which includes funding for small businesses and hospitals. In the U.S., the coronavirus case count increased to over 885,000 and deaths passed 50,000.

Economic reports affecting market trading included the following:

  • Durable goods orders decreased 14.4% in March. Durable goods orders excluding transportation decreased 0.2% and durable goods orders excluding defense decreased 15.8%.
  • The Michigan Consumer Sentiment Index decreased to 71.8 from 89.1.
  • The Baker Hughes oil rig count decreased to 491 from 559.

In the S&P 500, technology and consumer discretionary led gains. In the S&P 100, the following stocks led gains:

  • Capital One (NYSE:COF) 6.73%
  • Home Depot (NYSE:HD) 4.87%
  • PayPal (PYPL) 4.15%
  • Lowe's (LOW) 4.06%
  • Target (NYSE:TGT) 3.81%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,232.48 for a gain of 18.42 points or 1.52%. The S&P 600 closed at 715.14 for a gain of 7.65 points or 1.08%. The Dow Jones U.S. Small-Cap Growth Index closed at 8,407.27 for a gain of 146.06 points or 1.77%. The Dow Jones U.S. Small-Cap Value Index closed at 6,031.47 for a gain of 71.37 points or 1.20%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,550.37 for a gain of 21.36 points or 1.40%; the S&P 100 at 1,306.32 for a gain of 17.68 points or 1.37%; the Nasdaq 100 at 8,786.60 for a gain of 145.11 points or 1.68%; the Russell 3000 at 1,634.12 for a gain of 22.66 points or 1.41%; the Russell 1000 at 1,556.37 for a gain of 21.44 points or 1.40%; the Wilshire 5000 at 28,579.59 for a gain of 393.95 points or 1.40%; and the Dow Jones U.S. Select Dividend Index at 557.53 for a gain of 6.26 points or 1.14%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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