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On the 13th (ET), the Dow Jones 30 Industrial Average on the New York Stock Exchange (NYSE) closed at 29,479.81, 399.64 points (1.37%) more than the field of battle.
The Standard & Poor’s (S&P) 500 index closed at 3,585.15, up 48.14 points (1.36%) from the battlefield, and the NASDAQ index oriented to technology stocks closed at 11,829.29, up 119.70 points (1.02%).
The Dow index rose 4% this week. The S & P500 index rose more than 2%, while the NASDAQ fell about 0.5%.
The Wall Street Journal reported that it was the first time since 2002 that the Dow had soared so far compared to the Nasdaq on a weekly basis.
The market watched Corona 19 spread and vaccine development. The worsening of the Corona 19 situation and the expectation that a vaccine will soon come out are faced.
The vaccine being developed by Pfizer and Bioentech has been shown to be effective. Modena is also expected to announce the results of the mid-term evaluation of the third clinical trial soon.
The vaccine is due out soon, and this has raised expectations that economic activity will return to normal next year.
On the other hand, the current situation is deteriorating, with more than 100,000 new confirmed cases per day continuously occurring in the United States. The day before, the number of confirmed patients exceeded 150,000 a day.
Also increasing is the number of areas that are tightening lockdown measures such as New York, San Francisco and Chicago. The state of California and others also issued an enhanced recommendation to refrain from travel.
Jerome Powell, chairman of the Federal Reserve System (Fed), also expressed concern that the reproliferation of Corona 19 could lead to short-term economic difficulties.
The experts showed weakness the day before due to the anxiety caused by the strengthening of the blockades in the main regions, but assessed that the expectation of vaccine development on this day was regaining the advantage.
Concerns about the possibility of a new national blockade in the United States have also diminished.
Recently, Dr. Michael Osterholm, the Corona 19 related staff of President-elect Joe Biden, expressed concern by mentioning the need for a national lockdown for four to six weeks.
However, other Corona 19 staff members on Biden’s elected side have evolved, saying they do not consider a nationwide lockdown and support specific responses to high-risk sectors like restaurants.
Dr. Osterholm also explained that he was not recommending a national lockdown.
The strong performance of the major companies also contributed to the strength of the equity market.
Disney and Cisco announced quarterly results that exceeded market expectations.
Cisco increased more than 7% this day, providing vitality to the market as a whole. Disney’s share price also rose more than 2%.
By industry, all industries rose, while energy increased by more than 3.8%. Industrial stocks were up 2.15% and tech stocks were up 0.86%.
The economic indicators published that day were mixed.
The preliminary value of the Michigan Consumer Attitude Index for November was 77.0, down from the prior month’s final value of 81.8. It was also below 81.5, the market forecast compiled by the Wall Street Journal.
On the other hand, the Ministry of Labor announced that the producer price index in October rose 0.3% compared to the previous month. It was higher than the market estimate of 0.2%.
John Williams, governor of the Federal Reserve Bank of New York, said that economic indicators so far have been better than expected. However, he predicted that the recent spread of Corona 19 could slow the rate of recovery in the fourth quarter.
New York stock market experts expressed their hopes that the economy will rebound next year with the COVID-19 vaccine.
Sami Cha, Lombard Odie’s chief economist, said: “This is an environment where there is a favorable economic recovery business environment for value stocks that are still lagging.”
On the Chicago Options Exchange (CBOE), the volatility index (VIX) registered 23.1, 8.88% less than the previous trading day.
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