Market roundup for Nov. 5
The U.S. stock rally continued for a second day as investors absorb the slow election results. In our opinion, the U.S. and global markets have begun to believe and price up that a Biden presidency is a strong probability with a Republican Senate and Democratic House, thus a divided government.
Stock markets in Europe and Asia were gaining ground as well.
Since 1932, no U.S. president has lost an election or re-election unless a recession occurred during his presidential term.
Some critical economic benchmarks reported:
- U.S. I.S.M. Manufacturing PMI rose to 59.30, up from 55.40 last month and up from 48.30 one year ago. This is a change of 7.04% from the previous month and 22.77% over last year.
- U.S. Manufacturing New Orders rose to $474.97 billion, up from $469.8 billion last month, or 1.1% more.
- U.S. Productivity fell to 4.9%, compared to 10.6% last quarter; however, it is higher than the long-term average of 2.21%.
Wall Street Summary:
- The Dow Jones Industrial Average closed at 28,390.18, up 542.52 points, or 1.95%.
- The Standard & Poor’s 500 closed at 3,510.45, up 67.07 points, or 1.95%.
- The Nasdaq Composite Index closed at 11,890.93, up 300.15 points, or 2.59%.
- The Birling Puerto Rico Stock Index closed at 1,696.77, down 57.12 points, or 3.26%.
- The U.S. Treasury 10-year note closed at 0.79%
- The U.S. Treasury 2-year note closed at 0.14%.