Disney Rises, Tesla Drops at Start of Shortened Week

Investors apparently approve of Disney's CEO swap
By Newser Editors and Wire Services
Posted Nov 21, 2022 4:00 PM CST
Disney Jumps 6.2% After Replacing CEO
Traders work on the floor at the New York Stock Exchange.   (AP Photo/Seth Wenig)

Stocks ended lower on Wall Street at the beginning of a holiday-shortened week. The S&P 500 fell 15.40 points Monday, or 0.4%, to 3,949.94. The Dow Jones Industrial Average fell 45.41 points, or 0.1%, to 33,700.28. The Nasdaq fell 121.55 points, or 1.1%, to 11,024.51. The Dow benefited from a big gain in Disney, which soared 6.2% after replacing CEO Bob Chapek with his predecessor, Bob Iger, the AP reports. Tesla fell 6.8%. Banks, health care stocks, and makers of household goods did better than the rest of the market.

Energy stocks were among the biggest losers in the broader market as US crude oil prices declined 0.4%. Exxon Mobil fell 1%. Technology stocks and retailers also weighed down major indexes. Apple fell 2.2% and Target dropped 3%. Investors face a relatively quiet week. Markets in the US will be closed on Thursday for Thanksgiving and will close early Friday. The Federal Reserve will release minutes on Wednesday from its latest policy meeting and potentially give investors more insight into the central bank's fight against inflation. The Fed remains a main focus for investors as it continues raising interest rates to fight stubbornly high prices on everything from food to clothing.

(More stock market stories.)

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