Oil Rallies, Stocks Mixed

John Divine


While the volatility of last week has eroded in recent days, some of 2020's strongest market trends are back in full force; most notably: the outperformance of Silicon Valley stocks.

The Dow Jones Industrial Average fell 39 points, or about 0.2%, to finish at 26,080. The tech-heavy Nasdaq, however, rose 0.3%, finishing at 9,943. It was the fifth-straight day of gains in the index.

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New York considering isolating Florida entrants. New York state is considering a policy of quarantining entrants to the state from Florida, as the southern state experiences a new uptick in new virus cases.

"Buy Black" sends Urban One soaring. Shares of media company Urban One (ticker: UONE) that targets an African American audience surged on Thursday, nearly doubling during the day's session. From radio broadcasting to cable and digital, the company owns and operates nearly 60 broadcast stations in 15 urban markets, which includes syndicated shows like the "Rickey Smiley Morning Show," the "Russ Parr Morning Show" and the "D.L. Hughley Show."

Biogen plunges after drug ruling. Shares of Biogen ( BIIB) cratered 7.5% on Thursday, finishing as the single worst-performing stock in the S&P 500. Biogen was hit by a court ruling in West Virginia's district court that made its patent on Tecfidera, its blockbuster multiple sclerosis treatment, invalid.

Although the company plans to appeal, the ruling is still unfavorable for the company and a boost for rival Mylan N.V. ( MYL).

Oil up. Oil prices managed to finish the day on a higher note, with the price of the so-called black gold up more than 2% to nearly $39 a barrel.