Market roundup for Nov. 19,
The U.S. stock market regained its winning ways on news that Senate Republicans had agreed to renew the stimulus funding discussion amid pressure from the COVID-19 surge and the latest initial claims for unemployment insurance rose for the first time in five weeks to 742,000, versus 711,000, a 4.36% increase.
The percentage of case increases over the last 10 days follows:
- Louisiana 470.1%
- Massachusetts 118.7%
- New Jersey 96.45%
- Washington 96.14%
- Pennsylvania 86.39%
- New York 68.38%
- California 36.04%
- Puerto Rico 13.91%
Most investors seem to be hoping for the best and preparing for the worst with mixed news about new vaccines, case surges, travel restrictions. School and Thanksgiving cancellations are challenges that will impact the economic recovery as well.
A recent Birling Capital survey among 10,000 Puerto Rico entrepreneurs yielded the following results:
- 54% fear facing another business closure (lockdown).
- 60% fear not having enough capital.
- 55% worry they will not recover to their pre-COVID-19 levels.
We are facing one of the most formidable challenges in the past 80 years.
Wall Street Summary for November 19, 2020:
- The Dow Jones Industrial Average closed at 29,483.23, up 44.81 points, or 0.15%
- The Standard & Poor’s 500 closed at 3,567.79, up 14.08 points, or 0.39%.
- The Nasdaq Composite Index closed at 11,904.71, up 103.11 points, or 0.87%.
- The Birling Puerto Rico Stock Index closed at 1,927.34, down 35.67 points, or 1.82%.
- The U.S. Treasury 10-year note closed down at 0.86%
- The U.S. Treasury 2-year note closed up at 0.18%