Driven by better-than-expected earnings and vaccine optimism, the US stock market rose on Friday.
|Me: DJI||Dow Jones Average||29,235.54||+1
|SP500||S&P 500||3559.01||+22.00||+ 0.62%|
|I: COMP||Nasdaq Composite Index||11766.288729||+56.70||+ 0.48%|
The Dow Jones Industrial Average rose more than 200 points or 0.7%, while the S&P 500 rose 0.7%, and the Nasdaq Composite rose about the same level.
|DIS||Disney Company||137.25||+1.77||+ 1.31%|
After Disney reported better-than-expected quarterly results, it contributed to some of the early gains, even if it was adversely affected by the pandemic.
Disney+ silver lining in pandemic season
Other stocks are gaining earnings; as sporting events restart, Cisco has benefited from the growth of pandemic-related conference calls, and DraftKings has improved its prospects.
|CSCO||Cisco Systems||40.99||+2.33||+ 6.01%|
Other stocks to watch this morning include Pfizer, BioNTech and Eli Lilly, all of which have higher stock prices.
The Minister of Health and Human Services Alex Azar (Alex Azar) spoke at FOX Business and said that once the vaccine is in place, the distribution network can be used.
“Pfizer will distribute the pills directly to the pharmacies that we ask the pharmacies to send in accordance with the instructions of the governor of our country assigned by the pharmacopoeia. Therefore, the vaccine will arrive at these pharmacies, white glove service, and then the pharmacy will execute the distribution plan and distribute to the governor to choose Target group.”
|Polytetrafluoroethylene||PFIZER INC.||38.05||+0.50||+ 1.33%|
|BNTX||BIONTECH SE||107.31||+5.68||+ 5.59%|
|Lili||Eli Lilly and Company||142.03||+0.99||+ 0.70%|
The Dow Jones and S&P 500 index rose
Any gains on Friday will expand the Dow Jones index’s weekly gains by nearly 3%, while the S&P 500 has a smaller gain of 0.8%. The Nasdaq index fell 1.6% because investors withdrew from the market for several consecutive days.
The stock market fell on Thursday after Fed Chairman Jerome Powell warned about the rise in COVID-19 cases. He said in a question-and-answer session at the European Central Bank Forum: “As the virus spreads, this may be a two-month challenge.”
Oil prices fell to US$40 a barrel because investors argued that demand might rebound when the vaccine is on the market.
In terms of economic data, the producer price index rose 0.5% year-on-year, slightly higher than the forecast tracked by Refinitiv. Excluding volatile food and energy components, prices rose by 1.1% year-on-year.
In other reports, the University of Michigan consumer confidence index for November is tentatively scheduled to be released at 10 am Eastern Standard Time. It is expected to rise to 82.0 from the final reading of 81.8 in October, which is the highest level since March. Compared with other backward indicators, this represents real-time emotional conditions.
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