Stocks post back-to-back weekly gains

Stocks post back-to-back weekly gains

Dow Jones Industrial Average falls 25.23 points

The Dow slid 25.23 points, or 0.1%, to 29,398.08. The S&P 500 gained 0.1% to close at 3,380.16. The Nasdaq Composite closed 0.2% higher at 9,731.18. Stocks teetered along the flatline for most of the day, but Wall Street posted a weekly gain.

Back-to-back weekly gains despite coronavirus

The major averages posted a second straight weekly gain even as the number of reported coronavirus cases jumped this week. The S&P 500 and Nasdaq rose 1.5% and 2.2%, respectively, for the week while the Dow climbed around 1%. More than 64,000 coronavirus cases have been confirmed, with deaths totaling at least 1,380. Earnings have been a bright spot for investors this week, however, with companies such as Nvidia and Expedia posting better-than-expected results. As the reporting period winds down, investors will turn their attention to the economic data for clues on how the coronavirus is impacting the global economy.

Nvidia jumps, Caterpillar and IBM slide

Nvidia popped 7% on the back of stronger-than-expected quarterly earnings and revenue. Caterpillar and IBM dragged down the Dow, falling 1% and 2.3%, respectively.

What happens next?

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