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*Cisco, Disney are a big success after the quarterly report
*Biden teaches about targeted COVID restrictions and national lockdowns
*Indices rise: Dow Jones Index (Dow) 1.31%, Standard & Poor’s Index (S&P) 1.14%, Nasdaq Index (Nasdaq) 0.61% (updated to late afternoon, add comment, New York date column, change line by line)
New York, November 1
After a trading week full of volatility, the market’s hopes and fears about the virus were cut off from each other. Cisco Systems led the S&P 500 after its quarterly report showed a surge in demand driven by work from home. .
Network equipment manufacturers jumped 7%, while Walt Disney Co rose 2%, as its fast-growing streaming video business and partial recovery of its theme parks eased its quarterly losses.
Tom Martin, senior investment manager at Globalt Investments in Atlanta, said these reports may help investors get rid of the current surge in virus cases and the severe winter.
Martin said: “We know we still have a difficult time, but by mid-2021, you may see that the use of vaccines and better treatments instead of the coronavirus will cause more damage, and you will see a recovery. Sign.” “You are at that time when people are starting to look forward to 2021.”
Martin also pointed out the hope that Moderna Inc MRNA.O will soon release details of its vaccine progress, after the company said on Wednesday that it has enough data for the first interim analysis of its late-stage COVID-19 experimental vaccine trial.
Martin said that Friday’s economically sensitive industries, including energy (up 4%) and industrials (up 1.9%), outperformed the growth industries of the technology category (up 0.5%), indicating that “economic optimism has returned Stand firm,”.
At 2:57 pm Eastern Time, the Dow Jones Industrial Average rose 398.05 points, or 1.37%, to 29,478.22, the S&P 500 rose 43.88 points, or 1.24%, to 3,580.89, and the Nasdaq Composite Index rose 91.81 points, or 0.78%, to 29,478.22. 11,801.40.
Refinitiv IBES estimates that about 90% of the S&P 500 companies have released their third-quarter reports and now show a 7.8% drop in profits from the same period last year, while the October 1 expectation is a 21.4% drop in profits.
The three major U.S. stock indexes fell on Thursday. More than ten U.S. states reported that new COVID-19 cases had doubled in the past two weeks. The Mayor of Chicago issued a month-long home consultation service.
But President-elect Biden, a senior adviser, said that there are no plans for nationwide lockdowns next year, but talk about specific regional restrictions when the spread of the virus is bad.
Earlier this week, early positive data from a large vaccine study prompted people to turn to cyclical industries, which caused the S&P 500 and Dow Jones Index to rise for the second consecutive week.
However, as investors profited from technology stocks, the Nasdaq index (Nasdaq) fell every week, thanks to the all-weather environment.
At the same time, Biden’s victory on the battlefield in Arizona expanded his voting leeway, but because President Donald Trump refused to give in, the formal transition was still in trouble.
Growth stocks, which are currently composed mainly of technology companies, have risen 0.3%, while stock prices that currently include cyclical stocks such as banks and energy have risen 1.8%.
The number of bonds being issued on the New York Stock Exchange is 4.44:1 more than the decline. On the Nasdaq market, stocks are prioritized at a ratio of 2.49:1.
The S&P 500 Index hit a 52-week high and an 8-week low. The Nasdaq Composite Index hit 67 new highs and 11 new lows. (Additional reporting by Stephen Culp in New York, Medha Singh and Shivani Kumaresan in Bangalore; Saumyadeb Chakrabarty, Shaunak ·Editing by Shounak Dasgupta and Tom Brown)