Stocks ended lower on Wall Street Thursday as tensions flared again between the U.S. and China and as more dismal news came out detailing economic fallout from the coronavirus pandemic.
Technology and health care stocks took some of the heaviest losses. Only industrial sector stocks eked out a gain. Homebuilders, meanwhile, moved broadly higher, extending the group’s solid rally this month.
The S&P 500 gave up 0.8%, but is on track to close out the week with a weekly gain.
The S&P 500 slid 23.10 points, or 0.8%, to 2,948.51.
The Dow Jones Industrial Average fell 101.78 points, or 0.4%, to 24,474.12.
The Nasdaq composite lost 90.90 points, or 1%, to 9,284.88.
The Russell 2000 index of small company stocks picked up 0.63 points, less than 0.1%, to 1,347.56.
For the week:
The S&P 500 is up 84.81 points, or 3%.
The Dow is up 788.70 points, or 3.3%.
The Nasdaq is up 270.32 points, or 3%
The Russell 2000 is up 90.57 points, or 7.2%.
For the year:
The S&P 500 is down 282.27 points, or 8.7%.
The Dow is down 4,064.32 points, or 14.2%.
The Nasdaq is up 312.28 points, or 3.5%
The Russell 2000 is down 320.91 points, or 19.2%.
8 Biotech Stocks to Buy and Hold in 2020
Biotech stocks are far from a sure thing. However, towards the end of 2019 several stocks in the sector got a nice lift based on promising new drugs in their pipelines. One of the key ways to measure any biotech stocks is the depth of its pipeline. When a biotech company issues a drug, its stock typically gets a lift because, for a brief period of time, the company has exclusive rights to that stock.
But those rights only last for a period of time. And at that point, generic equivalents can enter the market. Since generic labels typically bring prices down, it can be harmful to the stock unless they have a continuous stream of drugs coming to the market.
And in 2020, the story of biotech companies has been the coronavirus. Several of the leading biotech firms are working either individually or in tandem with other firms to develop vaccines or antiviral therapies to help treat and eventually blunt the spread of the virus which remains foreign to our bodies.
So while a volatile market is typically a clue to stay away from biotech stocks, now may be an ideal time to jump into this sector. And we’ve identified 8 stocks that you can buy today and hold until the end of the year.
View the “8 Biotech Stocks to Buy and Hold in 2020”.
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