Continue Reading Below
|I:DJI||DOW JONES AVERAGES||29479.81||+399.64||+1.37%|
|I:COMP||NASDAQ COMPOSITE INDEX||11829.285546||+119.70||+1.02%|
The Dow Jones Industrial Average rose 400 points or 1.37%, while the S&P 500 gained 1.36% closing at a fresh record. The Nasdaq Composite ticked up by 1% recovering late in the session.
The Russell 2000, a benchmark of domestic-focused companies, hit a record on Friday passing levels not seen since August 2018.
For the week, the Dow tacked on about 4%, the S&P over 2% while Nasdaq slipped 0.5%.
Global stock funds attracted record inflows this week topping $44 billion.
|DIS||WALT DISNEY COMPANY||138.36||+2.84||+2.10%|
Dow member Disney fueling some of the gains after reporting better-than-expected quarterly results, even with the negative impact of the pandemic.
Other stocks getting an earnings boost; Cisco which benefited from a jump in teleconferencing tied to the rise of working from home. The stock is on pace for the best session since February 2018.
Aso, DraftKings jumped after boosting its outlook, as sporting events restart and more consumers wager bets.
|CSCO||CISCO SYSTEMS INC.||41.40||+2.73||+7.06%|
Vaccine companies also in focus including Pfizer, BioNTech, Eli Lilly along with Regeneron and Moderna.
Health and Human Services Secretary Alex Azar, speaking on FOX Business, said the distribution network is ready to go once a vaccine arrives.
“Pfizer will be doing its own direct distribution to pharmacies that we ask them to send to based on the instructions of our nation’s governors under their distribution plan. So the vaccine will arrive at these pharmacies, white-glove service and the pharmacies will then execute distribution plans to the targeted populations that the governors have selected” he explained.
|LLY||ELI LILLY & COMPANY||142.38||+1.35||+0.96%|
|REGN||REGENERON PHARMACEUTICALS INC.||566.43||+9.65||+1.73%|
Pharmacy chains and grocers will make up a vast distribution network once a vaccine is approved. CVS, Rite Air, Walgreens, Walmart and Kroger taking the lead.
|CVS||CVS HEALTH CORPORATION||71.00||+1.61||+2.32%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||42.71||+1.94||+4.76%|
Investors are closely watching Elon Musk’s SpaceX launch set for Saturday putting renewed attention on the space stocks.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||22.27||+0.65||+3.01%|
|UFO||PROCURE ETF TRUST II PROCURE SPACE ETF||23.70||+0.69||+3.02%|
OIL SLIPS LOWER
West Texas Intermediate crude lost over 8% for the week settling at the $40 per barrel level as investors debate how much demand may rebound when a vaccine hits the market.
As for economic data, the Producer Price Index rose 0.5% year-over-year slightly higher than estimates tracked by Refinitiv. Excluding the volatile food and energy component, prices rose 1.1% year-over-year.
In other reports, the University of Michigan’s preliminary index of consumer sentiment for November came in at 77 slightly below the expected 82. This represents a real-time sentiment picture vs. other lagging indicators.
“The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline,” wrote Surveys of Consumers chief economist, Richard Curtin.