Though Volvo AB announced promising quarterly earnings and both the Dow and S&P 500 hit new highs, the D20 Stock Index lost ground this week.
Both the Dow Jones Industrial Average and the S&P 500 Index reached all-time highs this week. The Dow did so in spectacular fashion, broaching the 23,000 mark for the first time and adding 2 percent to its value while closing the week at 23,328.63. The S&P 500 Index gained 0.9 percent and finished at 2,575.21, a new record as well.
With only six price gainers and 14 price losers, the Driverless Transportation Weekly Stock Index (D20) lost 0.4 percent of its value, closing down 1.1 points at 255.26. The last week the D20 lost ground while both the Dow and S&P 500 stayed even or rose was the week ending July 28, 2017.
One bright spot for the D20 was Volvo AB (STO: VOLV-B), whose announced quarterly earnings beat market profit expectations as orders for its trucks surged. Shares prices for Volvo AB, which are traded on the Stockholm exchange in SEK, jumped from 155.5 to 165.9, a 6.7-percent increase.
Visit the Driverless Transportation D20 Stock Index page to learn more about it and its component stocks.
Lyft continues to make positive headlines, as Alphabet–the parent company of Google and Waymo–announced it is leading a $1-billion investment round in Lyft. Lyft continues to trail Uber in both market share and valuation, but not in positive press. Uber and Waymo are currently litigating over trade secrets allegedly stolen by a former Waymo employee who later joined Uber.