Market Roundup for Nov. 12
The U.S. and global markets closed with losses Thursday as the surge in Covid-19 cases in Europe and the U.S. seems to be taking its toll.
After two solids weeks of gains, the European markets fell between 1% for the Stoxx Europe 600 to 1.2% in Germany’s Xetra Dax. Meanwhile, in the U.S., all the indices fell 1% to 1.69%.
A review of the Covid-19 case increases in the last 30 days around the world:
- Italy 186%
- France 146.7%
- Germany 121.7%
- The United Kingdom 103.1%
- Spain 59.48%
- The U.S. 37.89%
The Mayo Clinic Health System announced that its hospitals, one of the world’s best, were running at 100% capacity due to Covid-19; in Chicago, the mayor announced a new lockdown order beginning Monday and advised families to cancel Thanksgiving gatherings. In New York, Gov. Andrew Cuomo announced a limit to social gatherings.
The surge in cases worldwide and the possibility of further lockdowns seems to have placed the Pfizer vaccine discovery on the back-burner.
Some of the economic benchmarks that reported include:
- U.S. Initial Claims for Unemployment Insurance was reported at 709,000, down from 757,000 last week decrease of -6.34% from the prior week.
- U.S. Producer Price Index MoM rose to 0.42%, compared to 0.34% last month and higher than the long term average of 0.13%.
- U.S. Consumer Price Index came in 260.39, up from 260.28 last month, a change of 0.04%.
Investors should be aware that wide availability of a Covid-19 vaccine will take months to source; meanwhile, the pandemic has the power to steer the direction and the configuration of the economy.
Wall Street Summary for November 12, 2020:
- The Dow Jones Industrial Average closed at 29,080.17, down 317.46 points, or 1.08%.
- The Standard & Poor’s 500 closed at 3,537.01, down 35.65 points, or 1%.
- The Nasdaq Composite Index closed at 11,709.59, down 76.84 points, or 0.65%.
- The Birling Puerto Rico Stock Index closed at 1,895.46, down 32.64 points, or 1.69%.
- The U.S. Treasury 10-year note closed at 0.88%
- The U.S. Treasury 2-year note closed at 0.17%