Market Roundup for Nov. 9
The U.S. and global stock markets led a rally after the news that Pfizer and BioNTech issued a release reporting a step forward in the search to find a workable vaccine for Covid-19.
The Pharma companies stated that a vaccine had been discovered to be more than 90% effective in a late-stage trial. This development, combined with the news of Joe Biden’s win in the U.S., has filled investors with renewed optimism. The Dow Jones, S&P 500, Birling Puerto Rico Stock Index, European Stoxx 600, and MSCI All country world index closed near record highs.
In less than a week, the Dow has increased 2,657 points, the S&P has increased 280.54 points, and the Birling Capital Puerto Rico Stock Index has increased 151.95 points. The NASDAQ lost ground as investors may be turning their attention to the stocks most impacted by the pandemic on the vaccine’s news.
We note that investor sentiment, which turned positive last week at the end of the electoral cycle, remained so this week, fueled by the promise of a solution to the pandemic. The vaccine’s development allows investors to seek opportunities in those sectors most affected by the pandemic and are newly viewed as strategic buying opportunities.
Wall Street Summary for November 9, 2020:
- The Dow Jones Industrial Average closed at 29,157.97, up 834.57 points, or 2.95%.
- The Standard & Poor’s 500 closed at 3,550.50, up 41.06 points, or 1.17%.
- The Nasdaq Composite Index closed at 11,713.78, down 181.45 points, or 1.53%.
- The Birling Puerto Rico Stock Index closed at 1,773.31, up 15.78 points, or 0.90%.
- The U.S. Treasury 10-year note closed at 0.96%
- The U.S. Treasury 2-year note closed at 0.17%