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On the 13th (hereafter Eastern Time Zone), the Dow Jones 30 Industrial Average on the New York Stock Exchange (NYSE) closed at 29,479.81, up 399.64 points (1.37%) from the battlefield.
The Standard & Poor’s (S&P) 500 index closed at 3,585.15, up 48.14 points (1.36%) from the battlefield, while the technology-oriented NASDAQ index closed at 11,829.29 , up 119.70 points (1.02%).
The Dow Index rose 4% this week. The S&P 500 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 has risen this much compared to the Nasdaq on a weekly basis.
The market has seen the spread of Corona 19 and the development of the vaccine. The worsening of the Corona 19 situation and the expectation of a vaccine coming out soon are confronting each other.
The vaccine developed by Pfizer and Bioentech has proven to be effective. Modena is also expected to announce the results of the mid-term evaluation of the 3rd clinical trial soon.
The vaccine will soon be available and this raises 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 previous day, the number of confirmed cases exceeded 150,000.
The number of areas that are tightening blockade measures such as New York, San Francisco and Chicago is also increasing. The state of California and others have also issued a strengthened recommendation to refrain from traveling.
Jerome Powell, chairman of the Federal Reserve System (Fed), also expressed concern that the re-proliferation of Corona 19 could lead to short-term economic hardship.
Experts said the previous day was weak due to anxiety caused by tightening blockades in major regions, but on this day the expectation for vaccine development was assessed as a situation where it had regained the upper hand.
Concerns about the possibility of a nationwide reblock in the United States also decreased.
Recently, Dr. Michael Osterholm, Crown 19 staff of President-elect Joe Biden, raised concerns by mentioning the need for a national blockade for 4-6 weeks.
However, other Corona 19 staff members from Biden’s elected side have evolved, saying they don’t see a nationwide lockdown and support targeted responses to high-risk sectors like restaurants.
Dr. Osterholm also explained that he did not recommend a national blockade.
The strong performance of the main companies also contributed to the strengthening of the equity market.
Disney and Cisco announced quarterly results that exceeded market expectations.
Today Cisco has grown by more than 7%, providing vitality to the market as a whole. Disney’s share price also rose more than 2%.
By sector, all sectors increased, while energy increased by more than 3.8%. Industrial stocks were up 2.15% and tech stocks were up 0.86%.
Economic indicators released on this day were mixed.
The preliminary Michigan Consumer Attitude Index for November was 77.0, down from the previous month’s closing 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 increased by 0.3% compared to the previous month. It was above the market estimate of 0.2%.
John Williams, governor of the Federal Reserve Bank of New York, said economic indicators so far have been better than expected. However, he predicted that the recent release of Corona 19 could slow the recovery rate in the fourth quarter.
New York stock market experts have expressed hope that the economy can bounce back next year with the COVID-19 vaccine.
Sami Cha, Lombard Odie’s chief economist, said: “This is an environment where there is an environment conducive to economic recovery for value trading which is still lagging behind.”
On the Chicago Options Exchange (CBOE), the volatility index (VIX) fell 8.88% from the previous trading day to 23.1.
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