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Social media stocks shine in otherwise flat market day

Oct. 21, 2020 4:02 PM ETXLE, XLC, SP500, COMP:IND, DJIBy: Kim Khan, SA News Editor5 Comments
  • White House Chief of Staff Mark Meadows bookended the trading day with pretty much the same message on fiscal stimulus: he's optimistic on progress and the administration will remain engaged in talks.
  • And the broader market ended much as it started: little direction with the exception of social media plays.
  • The S&P (SP500) closed down 0.2%, the Nasdaq (COMP) finished off 0.3% and the Dow (DJI) ended down 0.4%.
  • Megacaps Facebook and Google drove Communications Services (NYSEARCA:XLC) higher, but Twitter was the big winner, closing above $50 and setting a new intraday 52-week high.
  • XLC rose above its 50-day and 10-day simple moving averages.
  • Energy (NYSEARCA:XLE) found itself in the basement again and is down about 8% in the past month.

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