Nasdaq Ends Atop 16,000 Mark for the First Time on Tech Strength

The Nasdaq Composite Index closed above 16,000 points for the first time on Friday, in its second-straight record finish powered by technology stocks, while pandemic jitters sent the Dow to its fourth losing session in the last five. Both the Nasdaq and S&P 500 index scored a winning week, up 1.2 percent and 0.3 percent respectively, after last week’s declines snapped a five-week run of higher finishes. The Dow Jones Industrial Average’s second-successive weekly loss—this one of 1.4 percent—wiped out the last of its November gains, extending the index’s drop from a Nov. 8 record high to 2.3 percent. Friday’s fall was caused by banking, energy, and airline stocks slumping on fears that European countries, battling a resurgence of COVID-19 cases, could follow Austria in moving towards a full lockdown. Banking stocks fell 1.6 percent, tracking a drop in Treasury yields as investors snapped up safe-haven bonds. The S&P energy …

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