Tuesday, October 27, 2020

Market roundup for Oct. 7

By on October 7, 2020

The U.S. stock market continues its seesaw volatility, albeit ending the day gaining ground. Investors appear to be reacting to President Trump’s tweet stating he would consider a “stand-alone bill” for “stimulus checks” of $1,200, backtracking the announcement he made yesterday. In our opinion, we do not foresee congressional agreement on any stimulus package before the November general elections.  

The president may be reacting to a poll by The Economist that combines both state and national elections with economic indicators to the electoral outcome. The electoral-college vote estimate shows that former Vice President Joe Biden has a 91% chance of winning the election with 346 electoral votes (270 are needed to win) and President Trump with a 9% chance of winning the election with 192 electoral votes. 

On to markets.

  • The Dow Jones Industrial Average closed at 28,303.46, up 530.70 points, or 1.91%.
  • The Standard & Poor’s 500 Index closed at 3,419.44, up 58.49 points, or 1.74%.
  • The NASDAQ Composite Index closed at 11,364.60 up 210.00 points, or 1.70%.
  • The Birling Capital Puerto Rico Stock Index closed at 1,610.32 down 20.30 points or -1.25%.
  • The U.S. Treasury 10-year note closed down at 0.81%.
  • The U.S. Treasury 2-year note closed flat at 0.16%.