Day Traders Diary

8/20/20

The major averages finish in the green led by the major tech names even as unemployment data remains disappointing. The Dow Jones Industrial Average clings to gains up 20 points snapping a three-day losing streak. The S&P 500 gained 0.3% while the Nasdaq Composite is outperforming up a 1%.

Facebook rose 1.6% and Amazon climbed 0.9%. Netflix advanced 2% and Apple gained 1.3%. Microsoft and Alphabet were up 1.5% and 1.1%, respectively. Intel shares gained 1.5% after the company announced an accelerated buyback plan, calling its stock cheap.

On the economic front, U.S. weekly jobless claims totaled 1.106 million. In the week prior, the tally had dropped below 1 million for the first time since mid-March. The jump in unemployment claims came as lawmakers struggled to move forward on a new coronavirus stimulus bill.