Markets rose as Pennsylvania certified election results, confirming President-elect Joe Biden's victory. Benchmarks closed higher on Monday after AstraZeneca and The University of Oxford said its coronavirus vaccine was up to 90% effective in trail. Summary List Placement Elon Musk has overtaken Bill Gates as the world’s second-richest person. His net worth is now $128 billion. Musk’s wealth has been on a steady climb this month: Tesla& Recent Quotes
The Dow Jones Industrial Average on Tuesday surpassed 30,000 points for the first time in the history of the blue-chip index. Stocks pushed higher as Pennsylvania certified President-elect Joe Biden’s win in that state and investors cheered the White House’s moves to pave the way for President Trump’s exit from the Oval Office.
The Dow jumped more than 450 points, or 1.5%, to a record high of 30,046. The broader S&P 500 also pushed into record terrain, climbing nearly 60 points, or 1.6%, to 3,635. The tech-heavy Nasdaq lagged the rest of the market, but the popular index that’s home to giants like Apple, Microsoft, Amazon, Facebook, Tesla and Google parent Alphabet was still up over 1%.
Strategists at investment house UBS in a note to clients said uncertainty over the contested presidential election had been one of the main factors holding the market back. The removal of that uncertainty, along with news reports that former Federal Reserve Chair Janet Yellen could be picked as Mr. Biden’s Treasury Secretary, appeared to have been what boosted the highly watched index to a new high, the UBS note said.
The UBS strategists predicted “the incoming administration to hit the ground running on addressing issues such as the COVID-19 pandemic,” and that the transition of power added to investors positive outlook for the stock market.
The gains extend a month-long market rally driven by growing optimism that development of coronavirus vaccines and treatments will loosen the pandemic’s stranglehold on the economy. They also mark a rapid climb for the Dow from its March 23 low of just under 18,600 during the worst of its early pandemic nosedive.
Traders are favoring stocks that stand to gain the most from a gradual reopening of the economy, such as banks and industrial companies. Overseas markets also rose. Treasury yields and oil prices were headed higher.
On Monday, the head of the federal General Services Administration acknowledged that Mr. Biden was the apparent winner of this month’s presidential election. That allows the incoming president to coordinate with federal agencies on plans for taking over on January 20, despite ongoing efforts by President Donald Trump to overturn the election.
Also on Monday, drug maker AstraZeneca reported good results from ongoing vaccine studies. It said its potential vaccine, which is being developed with Oxford University, was up to 90% effective. Unlike rival candidates, AstraZeneca’s doesn’t have to be stored at ultra-cold temperatures, making it easier to distribute to hundreds of millions of people.
Last week, Pfizer and Moderna both reported study results showing their vaccines were almost 95% effective. And, over the weekend, Regeneron Pharmaceuticals received U.S. government approval for emergency use of its COVID-19 treatment. The drug, which Mr. Trump received when he was sickened by COVID-19 last month, is meant to try to prevent hospitalizations in patients with mild-to-moderate symptoms.
Trading is expected to be light on Wall Street this week ahead of the Thanksgiving holiday on Thursday, when U.S. stock markets will be closed. They will reopen on Friday for a half-day session.
European markets were broadly higher, and Asian markets closed mixed.
Stock Market News for Nov 24, 2020
Benchmarks closed higher on Monday after AstraZeneca and The University of Oxford said its coronavirus vaccine was up to 90% effective in trail. Investors also cheered news that claimed President-elect Biden plans to nominate former Federal Reserve Chair Janet Yellen as the Treasury Secretary.
The Dow Jones Industrial Average (DJI) rose 327.79 points, or 1.1%, to close at 29.591.27 and the S&P 500 rose 20.05 points or 0.6%, to close at 3,577.59. The Nasdaq Composite Index closed at 11,880.63, adding 25.66 points or 0.2%. The fear-gauge CBOE Volatility Index (VIX) decreased 4.4%, to close at 22.66. Advancing issues outnumbered declining ones for 2.90-to-1 ratio on the NYSE and a 1.95-to-1 ratio on the Nasdaq favored advancers.
Out of 11 major sectors of the S&P 500, seven ended in the positive territory with energy sector jumping 7.1% on Monday. The financials and industrials sectors also closed 1.9% and 1.6% higher for the session. Among the Dow’s components, Chevron Corporation (CVX – Free Report) and The Boeing Company (BA – Free Report) emerged as biggest gainers jumping at least 6% on Nov 23.
The Nasdaq closed higher lifted by shares of Tesla, Inc. (TSLA – Free Report) and Align Technology, Inc. (ALGN – Free Report) that closed at least 6.5% higher on Monday. Shares of Align Technology carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Overall, the S&P 500 posted 26 new 52-week highs and no new lows, while the Nasdaq Composite recorded 146 new highs and eight new lows.
On Monday, AstraZeneca PLC (AZN – Free Report) and The University of Oxford reported that their coronavirus vaccine candidate (AZD1222) has met primary endpoint showing protection from COVID-19 occurring in 14 days or more after receiving two doses of the vaccine. The report states that one dosing regimen had showed vaccine efficacy of 90% when AZD1222 was given as a half dose and was also followed by a full dose of AZD1222 at least one month apart. While another dosing regimen showed 62% efficacy when given as two full doses at least one month apart.
The report comes amid positive developments from other vaccine developers like Pfizer-BioNTech and Modern and helped economically-sensitive stocks jump for the session. Hopes of an early distribution of coronavirus vaccines leading to the economy reopening and subsequently boosting travel activities helped shares of airlines and cruise liners jump on Monday. Shares of American Airlines Group Inc. (AAL – Free Report) and Delta Air Lines, Inc. (DAL – Free Report) jumped 8.2% and 4.5%, respectively, while cruise companies like Norwegian Cruise Line Holdings Ltd. (NCLH – Free Report) and Carnival Corporation & Plc (CCL – Free Report) closed at least 4.5% higher for the day.
Benchmarks got additional boost on Monday after reports from the Wall Street Journal flashed that President-elect Biden plans to nominate former Federal Reserve Chair Janet Yellen as the Treasury Secretary. Yellen was replaced by current Fed Chairman Jerome Powell in 2018.
Yellen followed a dovish stance by keeping rates low for years and tapped the central bank’s balance sheet when required to ensure the flow of credit in the financial system during periods of stress. If given the role, Yellen would be the first woman to lead the treasury department.
As per the IHS Markit’s survey report released on Monday, U.S. business activity has expanded at the fastest rate in November, more than that in five years. The manufacturing sector grew the fastest since September 2014, climbing from 53.4 in October to 56.7 in November, while the services index rose from 56.9 to 57.7 – the highest since April 2015.
Additionally, ISM Markit’s composite index, which is a blend of the manufacturing and services readings have also increased from 56.3 to 57.9 in November, the highest since April 2015.
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Elon Musk surpasses Bill Gates as the world’s second-richest person as Tesla’s market value nears $500 billion
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Elon Musk has officially overtaken Bill Gates to become the world’s second-richest person.
Musk saw his net worth rise by about $7 billion to $128 billion on Monday, according to the Bloomberg Billionaires Index, as Tesla’s market value nears $500 billion.
He predicted last year that self-driving Teslas, which are still a work in progress, would boost the automaker’s market cap to $500 billion. At the time of Musk’s prediction, its market cap was under $45 billion.
The increase in Musk’s wealth places him second to Jeff Bezos, who is currently the world’s richest person with a net worth of $182 billion.
Musk and Gates have already had a conflicting year as they have repeatedly disagreed over everything from the coronavirus to electric cars. The public differences began when Gates said even though he thought Tesla has helped drive electric-car innovation, he bought one from Porsche. Separately, Musk even called Gates a “knucklehead” for criticizing his efforts on conducting coronavirus antibody studies.
Tesla’s surge in value has been driven by a series of good news recently, from its inclusion in the exclusive S&P 500 index and Morgan Stanley upgrading its stock to “overweight” for the first time since 2017.
Goldman Sachs expects a tidal wave of large-cap mutual funds tracking the S&P 500 to fuel another rally for the automaker next month, when it will join the index as one of the 10 most valuable members on December 21.
Tesla shares were up 2% in pre-market trading on Tuesday, and its stock is up almost 730% this year.
Musk’s net worth is not solely down to a large stake in Tesla, but also to his other companies, space exploration group SpaceX and infrastructure and construction firm The Boring Company. He previously said he wouldn’t take any cash salary from Tesla until it hits $100 billion in market cap. His immense fortune does not mean he is a lavish spender: he’s said he wouldn’t like to own physical possessions or “own a house.” He even sold two of his California mansions.
SEE ALSO: Janet Yellen is Biden’s pick for Treasury Secretary
Source:: Business Insider
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Red Berries Market Overview, Global Demand and Rising Trends 2020
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