Market roundup for Nov. 18
The U.S. stock markets closed with losses for the second straight session as investors seem concerned with the worldwide surge in coronavirus cases.
Not even Wednesday’s announcement from Pfizer and BioNTech that its vaccine was also proven to be 95% effective on preventing COVID-19 was enough to abate the markets.
The market’s losing stance began taking hold following New York’s announcement that it was closing its school system on Nov. 19 following an increase in the positivity rate to 3% again.
However, in Europe, the rally continues, with the Stoxx 600 index rising 0.4%, increasing the gains recorded in the strongest November in the past 40 years.
Pfizer and BioNTech informed they would submit their vaccine for approval to U.S. and European regulators within the week and added that their vaccine effectiveness was 95%, placing it just above Modernas.
A key metric reported Wednesday: Housing starts in October rose 4.9% to 1,530,000.
Also, Boeing announced that the Federal Aviation Administration (FAA) had cleared its beleaguered 737 MAX jet to fly again after being grounded for almost two years; Boeing (B.A.) stock closed at $202.75, down $7.30.
In conclusion, the global growth of COVID-19 cases, record-breaking U.S. hospitalizations and a slew of closing and restrictions in a dozen states pain a clear picture that the economic recovery will be very similar to a steeplechase run.
Wall Street Summary for November 18, 2020:
- The Dow Jones Industrial Average closed at 29,438.42, down 344.93 points, or 1.16%
- The Standard & Poor’s 500 closed at 3,567.79 down 41.74 points, or 1.16%.
- The Nasdaq Composite Index closed at 11,801.60, down 97.74 points, or 0.82%.
- The Birling Puerto Rico Stock Index closed at 1,963.01, up 8.80 points, or 0.45%.
- The U.S. Treasury 10-year note closed up at 0.88%
- The U.S. Treasury 2-year note closed down at 0.16%