Stock Markets Sharply Mixed Monday; Kodak Loan in Jeopardy, Nikola Soars on Garbage Truck Deal
It's been hard to think of the stock market as a single entity lately, because various parts of the market have behaved much differently from others. Throughout much of 2020, technology stocks have led the way higher, but that trend seemed to reverse course on Monday. As a consequence, some parts of the market were sharply higher while others fell just as significantly. Just before 11 a.m. EDT Monday morning, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 221 points to 27,655. However, the S&P 500 (SNPINDEX:^SPX) was down 3 points to 3,348, and the Nasdaq Composite (NASDAQINDEX:^COMP) dropped 112 points to 10,899.
High-profile stocks also saw considerable volatility based on important news. For Eastman Kodak (NYSE:KODK), the same federal loan support that boosted its share price so dramatically last week could now be its downfall, as government officials took action that could put the financing in jeopardy. Meanwhile, Nikola (NASDAQ:NKLA) led the charge among electric vehicle manufacturers as it apparently positioned itself to win what could become a sizable business for the truck specialist.
Shares of Eastman Kodak plunged 30% Monday morning. The move followed news over the weekend that the government agency responsible for a proposed $765 million loan for the company had chosen to hit the pause button on providing the funding.
The U.S. International Development Finance Corporation had said just last week that it would extend the loan to help Kodak produce essential ingredients for use in making pharmaceuticals ...
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