Mohawk Industries Soars, Norwegian Sinks

Jordan Kron

All three major U.S. stock indices finished Monday's trading session higher on the eve of the presidential election -- starting what will likely be a volatile week for Wall Street on a positive note.

The Dow Jones Industrial Average gained 423 points, or 1.6%, to finish at 26,925.

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Good times continue for home improvement. Georgia-based flooring manufacturer Mohawk Industries ( MHK) finished Monday as the top performer in the S&P 500, jumping 11%. Shares continued to ride a wave of investor enthusiasm following the company's earnings beat last week. Third-quarter revenue passed expectations as adjusted earnings per share of $3.36 showing an 18% increase year over year.

Pandemic claims another restaurant chain. East Coast diner-style chain Friendly's, the 85-year-old restaurant famous for its ice cream, filed for bankruptcy over the weekend -- the latest restaurant to do so amid the pandemic. "Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of COVID-19, which caused a decline in revenue as dine-in operations ceased for months and re-opened with limited capacity," CEO George Michel said. According to Friendly's, all 130 locations will remain open during its Chapter 11 restructuring.

Last month, Ruby Tuesday announced its plans to file for bankruptcy and close 185 locations across the U.S. The parent company of family entertainment and dining chain Chuck E Cheese also filed for bankruptcy over the summer.

Nio zooms on record monthly delivery. Shares of Chinese electric vehicle maker Nio ( NIO) popped nearly 9% on Monday -- hitting a fresh all-time high -- after the company reported October deliveries had doubled to a monthly record of slightly more than 5,000 vehicles.

The stock's impressive performance in 2020 is even more than Tesla ( TSLA), rocketing by more than 700% year to date.

Cruise ship stock sinks. Norwegian Cruise Lines ( NCLH) extended its suspension of voyages by another month, through the end of December.

NCLH and Carnival Corp. ( CCL) fell by 2.8% and 1.2%, respectively, as Norwegian's announcement likely signaled the challenges ahead for cruise lines immediately resuming operations.

Jordan Kron is an investing editor at U.S. News & World Report, where he edits stock market stories and helps to produce the company's daily Invested newsletter.

Prior to joining U.S. News, Jordan spent three years at financial publisher Stansberry Research in Baltimore working on the editorial team as a proofreader and assistant editor.

He graduated from the University of Maryland in 2014 with a bachelor's degree in English.