November 16, 2020

November 16, 2020

Last Monday the S&P 500 jumped 2% on news Pfizer’s COVID vaccine is 90% effective and today we started 1% higher on news Moderna’s vaccine is 94% effective sending those shares 10% higher. COVID cases continue to climb, hoarding is back, and vaccines are not likely to be widely available for 6 months, but the market appears to be looking beyond.

The Dow opened +400

At the close:

  • Dow +470 to 29950
  • S&P 500 +42 to 3627
  • NASDAQ +85 to 11924
  • Oil +1.25 to 41.40
  • Gold flat @ 1886

In corporate news shares of industrial distribution company HD Supply jumped higher last week on a rumor they were in talks to be acquired by Lowe’s which was later denied by Lowes, but today the stock jumped 24% on news they WILL be acquired, not by Lowes, but by Home Depot. Casper Sleep dropped 15% on disappointing results related to COVID supply chain interruptions.

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