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On Tuesday (24) Wall Street anticipates the development of vaccines, Trump begins the transfer of power, former Fed chairman Yellen is expected to become the new Secretary of the Treasury, Wall Street uncertainty gradually fades and the panic and greed index falls to the value of “extreme greed” (around 88). Market funds flow into high-risk assets.
US stocks opened on Tuesday and continued their gains. Actions related to economic recovery continued to rise. Aviation and cruise stocks were glowing. On Tuesday, the Dow Jones broke the important psychological threshold of 30,000 points. New record.
The United States General Services Administration informed President-elect Biden the day before yesterday that the regime transition process will officially begin. Biden first tweeted Tuesday that the election is over and the United States is back.
Biden also spearheaded the diplomatic and national security nominees with his deputy He Jinli. At the press conference, Biden said the United States is ready to lead the global stage again and that the new administration will ditch Trump’s priority policy on the United States and return to multilateralism.
As for news of the general election, shortly after Penn State confirmed that Biden won 20 electoral votes on Tuesday, Trump held the shortest press conference in history. Trump still did not admit defeat at the meeting, but said: “I just want to congratulate everyone, the Dow Jones index has just reached 30,000 points, which is a new record in history.”
The global epidemic of new corona pneumonia (COVID-19) continues to have a fever. Before the deadline, according to real-time statistics from Johns Hopkins University in the United States, the number of confirmed cases worldwide has exceeded 59.37 million and the number of deaths has exceeded 1.39 million . The cumulative number of confirmed cases in the United States exceeds 12.43 million and the cumulative number of deaths exceeds 257,000.
Tuesday (24) the performance of the four main stock indices of the United States:
- The Dow Jones Index rose 454.97 points, or 1.54%, to close at 30,046.24 points.
- The S&P 500 Index rose 57.61 points, or 1.61%, to close at 3,635.20 points.
- The Nasdaq index rose 156.15 points, or 1.31%, to close at 12,036.78 points.
- The Philadelphia Semiconductor Index rose 13.75 points, or 0.53%, to close at 2,609.01 points.
The five kings of science and technology collectively received red. Apple (AAPL-US) rose 1.16%; Facebook (FB-US) rose 3.16%; Alphabet (GOOGL-US) was up 2.10%; Amazon (AMZN-US) rose 0.63%; Microsoft (MSFT-US) was up 1.78%.
All 30 Dow Jones stocks rose sharply. Chevron (CVX-US) rose 5.04%; Goldman Sachs (GS-US) rose 3.79%; JP Morgan Chase (JPM-US) rose 4.62%; Disney (DIS-US) was up 3.77%; American Express (AXP-US) Increased 3.70%.
Fei’s semicomponent stocks were mixed. AMD (AMD-US) fell 0.28%; Intel (INTC-US) rose 2.06%; NVIDIA (NVDA-US) fell 1.39%; Qualcomm (QCOM-US) was up 1.47%; Micron (MU-US) fell 0.36%.
Only Chunghwa Telecom received dividends for the Taiwan ADR. TSMC ADR (TSM-US) fell 1.54%; ASE ADR (ASX-US) fell 1.51%; UMC ADR (UMC-US) fell 3.88%; Chunghwa Telecom ADR (CHT-US) was up 0.03%.
Featured Stock News
On Tuesday, Tesla rose 6.43% to $ 555.38 per share, and its market value soared to $ 526.445 million, setting a new milestone again. Tesla’s share price has risen 427% in so far this year.
Analog Devices (ADI-US) fell 0.13%. The company predicted on Tuesday that first-quarter revenue will be better than Wall Street expectations, but Huawei’s ban has prevented the company from reducing its sales to Huawei to zero.
European regulators approved the roundtrip draft of the Boeing 737 MAX, which is expected to formally grant the Boeing 737 MAX a European circulation permit in January next year. Boeing was up 3.30%.
Economic data
- The annual growth rate of the largest urban housing price index of the S&P 20 in the United States in September reported 6.6%, the previous value was 5.3%
- The monthly growth rate of the S&P 20 largest urban housing price index in the United States in September reported 1.2%, the previous value was 1.2%
- The monthly growth rate of the FHFA house price index in the United States in September reported 1.7%, the previous value was 1.5%
- The US Richmond Fed November Manufacturing Index reported 15, with an expected 20 and a previous value of 29.0
- Consumer Confidence Index from November US Consultative Conference reported 96.1, expected 98.0, previous value 100.9
Wall Street Analysis
After reaching a significant milestone of 29,000 points on January 15, the Dow Jones hit its lowest this year (18,591 points) in March. 218 days of negotiation have passed, although US stocks have suffered from the epidemic and the uncertainty in the elections in recent months. Troubled, Dow Jones hit the 30,000 mark for the first time on Tuesday, a 13% increase this month alone.
Peter Cardillo, chief market economist at Spartan Capital Securities, while the election results do not pose a serious threat to the market, the removal of potential chaotic political concerns is attracting investors’ attention.
Investment strategy analyst at investment bank Baird, Ross Mayfield, said uncertainty about the elections has lessened. After the Yellen news, the market seems to be very favorable. This seems to be one of the good days when everything is working out for the better.
Ross Mayfield said, what if 2020 brings us, is that if the horizon rises towards the sun, the stock market has a tremendous capacity to overcome the bad news.
Thomas Martin, senior investment manager at Globalt Investments, said the GSA approved the transfer of power to Biden and Trump is willing to cooperate. This is positive news for the market.
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