After a week of more positive earnings momentum, investors woke up on Friday with fresh concerns about the pandemic. Austria announced plans to reenter a full national lockdown due to a spike in Covid cases.
Those worries weighed on the market: Recovery-oriented shares dipped while tech stocks got a lift. This also dragged the blue-chip Dow Jones Industrial Average lower for the day and for the second consecutive week. The tech-heavy Nasdaq finished higher and notched a 1.2% weekly gain. The S&P 500 edged lower for the day, but not enough to steal its weekly win of 0.3%.
Travel-related names took a hit: United Airlines dropped 2.7%, while Royal Caribbean fell 2.9%. Aerospace giant Boeing also took a dive, tumbling 5.7%. Fuel companies also slid as the price of oil declined to a six-week low. Devon Energy fell 6.2%, and Diamondback Energy lost 5.3%.
