Bay Area stocks such as Tesla, Facebook and Netflix tried to hold on to their gains along with the broader market Friday, as investors on Wall Street sussed out the latest developments in the worldwide coronavirus crisis.
The Dow Jones Industrial Average, once up by almost 400 points, was down by 64 points at 20,022.96, while the S&P 500 gave up 0.6%, to fall to 2,394.53. The Nasdaq Composite Index was up by 0.2%, at 7,167.02.
Investors sent stocks south as President Trump said the United States will close its border with Mexico to all non-essential traffic, except to allow for trade and the passage of healthcare officials. The federal tax filing deadline was also extended to July 15.
In California, residents began adjusting to a new shelter-in-place order that Gov. Gavin Newsom issued across the state. Newsom’s order, which took effect Thursday night, requires all businesses that don’t provide “essential services” to close their doors for the foreseeable future. Grocery stores, banks, hospitals and health care facilities, gas stations and some other businesses are allowed to remain open, and restaurants are allowed to offer take out service.
Among regional companies, Tesla shares rose 4.5%, to $446.95, one day after the company ended a standoff with Alameda County officials and said it would temporarily suspend operations at it vehicle production plant in Fremont. Tesla said it would close up shop starting at the end of day, Monday.
Facebook was just above its breakeven point, at $153.20 a share. The social-networking giant said that it will comply with Gov. Newsom’s order and make it mandatory for all employees to work remotely across California.
Among other notable Bay Area companies, Apple shares rose 1.4%, to $248.23, Intel climbed by 5%, to $48.28 a share, HP eked out a gain of 0.2%, to get to $14.43 a share, and AMD shares rose 4.6%, to $41.63.
Twitter rose 2%, to $24.60 a share. Twitter said it has begun removing tweets that it believes spread misinformation about coronavirus.
Netflix climbed 3%, to $341.82. On Thursday, Netflix said it will reduce the quality of its video streaming service in Europe in order to cut down on network traffic as people who are confined at home due to the coronavirus pandemic are increasing their use of Netflix and other streaming video services.