The performance reversal seen on Wednesday saw stock prices rise later on Thursday’s trading day after showing poor performance in many of the sessions. All major averages moved upwards, with tech-intensive Nasdaq outperforming their counterparts.
The main average ended the session near the highest level of the day. The Nasdaq rose 103.11 points (0.9%) to 11,904.71, the Dow rose 44.81 points (0.2%) to 29,483.23, and the S & P 500 rose 14.08 points (0.4%) to 3,581.87.
Notable progress by Nasdaq seemed to reflect expectations for a new blockade as a result of the recent surge. Coronavirus Case benefits Technology Companies, as seen in the early days of the pandemic.
According to data from Johns Hopkins University, the number of new coronavirus cases in the United States on Wednesday was 170,161, with the second highest daily total and a daily high of 1,848 deaths.
The recent surge in coronavirus cases has imposed new restrictions and blockades on some states, which could increase the number of Americans who rely on technology again when working from home.
The· market Senate minority leader Chuck Schumer, DN.Y. It also seems to have been boosted by comments from the Senate, showing that Senate leader Mitch McConnell and the Republicans have agreed to resume negotiations on a new stimulus bull.
“Last night they agreed to sit down and the staff are trying to sit down today or tomorrow to see if they can get a really good Covid bailout bill,” Schumer said in a press conference.
“So there has been some progress in that the McConnell people are finally sitting and talking to us,” he added.
Unstable trading seen earlier in the day shows traders digesting a mixed batch of U.S. economic data, showing an unexpected increase in initial unemployed billing and an unexpected surge in existing home sales I came in another report.
Unemployed claims rose to 742,000 in the week ending November 14, up 31,000 from the previous week’s revised level of 711,000, according to a Labor Ministry report.
The rebound was a surprise to economists who expected unemployed claims to drop from 709,000 initially reported last week to 707,000.
Last week, unemployed complaints fell to the lowest level since reaching 282,000 in the week ending March 14.
Nancy Vanden Horten, chief US economist at Oxford Economics, said, “The surge in cases of coronavirus and restricted activity in some states could lead to further claims.” ..
Meanwhile, another report from the National Association of Realtors reported that existing home sales rose 9.9% to 6.57 million in September and then 4.3% to 6.85 million in October.
The sharp increase was surprising to economists who expected existing home sales to fall 1.4% from 6.54 million, which was first reported last month, to 6.45 million.
Due to an unexpected surge, existing home sales reached their highest level since February 2006. Existing home sales increased 26.6% year-on-year.
Lawrence Yun, Chief Economist at NAR, said:
Oil services stocks rose sharply during the session, with the Philadelphia Oil Services Index rising 3.4%.In the jump, the index reached a three-month high
Oil services stocks rose, despite a slight drop in crude oil prices, as crude oil delivered in December fell $ 0.08 to $ 41.74 a barrel.
Significant power has also emerged in airline stocks, as reflected in the 1.8% rise posted by the NYSE Arca Airline Index. The index ended the session with the highest end level, well over 8 months.
Natural gas, semiconductor and software stocks also showed considerable strength on the day, but some weaknesses were seen among tobacco and utilities.
In foreign trading, the Asia-Pacific equity market showed yet another mixed performance on Thursday. Japan’s Nikkei 225 Index fell 0.4% and China’s Shanghai Composite Index rose 0.5%.
Meanwhile, all major European markets have moved down that day. Germany’s DAX index fell 0.9%, while the UK’s FTSE100 index and France’s CAC40 index fell 0.8% and 0.7%, respectively.
In the bond market, government bonds rose, following the slight decline seen in the previous session. Since then, the yield on benchmark 10-year bonds, which move against the price, fell 2.8 basis points to 0.854%.
Following the numerous US economic data released in the last few days, Friday’s economic calendar is relatively quiet, which could increase attention to the latest coronavirus news.
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Advance technology stocks may benefit from new blockade in Nasdaq expectations
Source link Advance technology stocks may benefit from new blockade in Nasdaq expectations