Market Roundup for Nov. 11
The U.S. and global stock markets closed with mixed results as the tables turned toward technology stocks, which had been impacted by the news of the Pfizer COVID-19 vaccine. As the tide turned, the S&P 500 rose 58% from the March lows and within stone’s throw from its record high. Most global markets are all up, most notably Japan, which is at a 30-year high.
Investors are reacting to a post-vaccine world’s possibility and the improved economic impact such a scenario suggests. In our view, economic expansion will gain at a solid pace in 2021. The current surge in COVID-19 cases, while challenging to the economy, we expect markets to remain focused on the economic trends and the discussions for a new round of stimulus aid.
We are also monitoring U.S. bank stocks and the Birling U.S. Bank Index, which has risen from a downturn of -4944% to -24.64%. These stocks are the bellwether for economic recovery trades, and represent an attractive investment as the upside will be significant.
Among the Stocks to watch, we include:
- JP Morgan Chase (J.P.M.) closed at $114.78
- Morgan Stanley (M.S.) closed at $56.34
- Goldman Sachs (G.S.) closed at $218.90
Wall Street Summary for November 11, 2020,
- The Dow Jones Industrial Average closed at 29,397.63, down 22.29 points, or 0.08%.
- The Standard & Poor’s 500 closed at 3,572.6, up 27.13 points, or 0.77%.
- The Nasdaq Composite Index closed at 11,786.43, up 232.58 points, or 2.01%.
- The Birling Puerto Rico Stock Index closed at 1,928.10, up 19.10 points, or 1.00%.
- The U.S. Treasury 10-year note closed at 0.98%
- The U.S. Treasury 2-year note closed at 0.19%