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HomeStocksStock market today November 23, 2020

Stock market today November 23, 2020

Stock market today

A stock market rally today on vaccine news. Dow Jones closed 327 points higher, Nasdaq gained 25 points, and S&P 500 20 points. Russell 200 outperformed as interest for small-cap stocks continues for investors and traders. The numbers for the US stock market today at the close:

S&P 500: 3,577.59,+20.05(+0.56%)
Dow 30: 29,591.27,+327.79(+1.12%)
Nasdaq: 11,880.63,+25.66(+0.22%)
Russell 2000: 1,818.30,+32.96(+1.85%)

stock market news

“Wall Street rallied on Monday, adding to recent gains as investors weighed new COVID-19 infections — which are leading to rising deaths and a record number of hospitalizations across the U.S. — against the rapidly unfolding timetable for the deployment of a vaccine.

Markets have been broadly encouraged by the steady flow of positive news over a coronavirus cure. On Monday, University of Oxford and AstraZeneca (AZN) revealed that their candidate demonstrated efficacy of 70.4% in two large-scale trails, If a lower dose is used, then a second, full dose, the efficacy is up to 90%, the company said.

However, AstraZeneca’s stock tumbled after one Wall Street analyst sharply questioned the efficacy of the inoculation, and raised questions about whether it would receive U.S. regulatory approval.

Those developments came on the heels of Pfizer (PFE) and BioNTech (BNTX) announcing plans to file for an emergency use authorization with the U.S. Food and Drug Administration, which would allow them to have their vaccine used in the U.S. starting in December.

“The stock market has reaffirmed its role as a discounting mechanism in looking past short-term concerns to the positive economic aspects of a COVID vaccine rollout,” noted Marc Chaikin, founder of Chaikin Analytics, a quantitative investment research firm.

“The impending roll-out of multiple, highly effective, COVID vaccines and the [Federal Reserve’s] commitment to backstopping the economy give me confidence that stocks will trade higher into year end and beyond,” he added.

Expectations for a relatively quick vaccine rollout have boosted the broader market, as well as prospects for 2021 growth, while leading investors to unwind technology-heavy “stay at home” bets that previously bolstered key stocks like Netflix (NFLX), Amazon (AMZN), Zoom (ZOOM) and other names. Both the Dow (^DJI) and S&P 500 (^GSPC) notched record closing highs last week, as traders rode a wave of exuberance sparked by the vaccine news.”

Stock market source: Yahoo Finance



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