Markets combined on Tuesday, a day after peaking almost unprecedented in the hope of a COVID-19 vaccine, as investors unloaded generation stocks that increased the crisis and accumulated in cyclical stocks that would gain advantages from a broad economic recovery.
“People say, ‘This is the time to buy all the destroyed stocks,’ says Chris Zaccarelli, the leading chief investment director of the Independent Advisor Alliance.
The Dow Jones commercial average closed with a rise of 2,638 emissions, or 0. 9%, to 29,421, 130 emissions from its mid-February peak.
On Monday, the Dow Jones rose 1610 issues to a new intraday high before the last 834 issues in 29157 after Pfizer and his German wife BioNTech published the first effects indicating that their coronavirus vaccine prevented more than 90% of infections with the virus it causes. the disease The S-index
The shares that would gain advantages from a reopening of the economy, adding airlines, casinos and restaurants, have recovered. On Tuesday, the shares of industrial, electricity and monetary corporations that would gain a stronger economic recovery rose, raising the Dow Jones. 3M is up 3. 5%. Heavy appliance manufacturer Caterpillar rose by approximately 1% and Exxon by 2. 2%.
Markets also rose more in the likelihood of a divided government, with Democrat Joe Biden in the White House and the highest chance that the Senate will remain under the Republican government that would “probably eliminate BIden’s most ambitious political proposals,” especially tax increases,” says Jeff Buchbinder. , equity strata for LPL Financial
Technology stocks, meanwhile, were largely immune to the large share sale at the start of the crisis, and consumers and businesses turned to e-commerce, home entertainment products and online video installations such as Zoom. pass well, says Zaccarelli, but the price of his stock would possibly have peaked at this time, so investors are promoting stocks and product to buy battered corporations that have more advantages. This resulted in losses for the S
Brad McMillan, commonwealth Financial Network’s leading investment officer, says greater market volatility is coming due to renewed considerations about COVID-10 spikes and two Georgia polls that can change the Senate to Democrats.
Market benchmarks in London, Frankfurt and Tokyo rose while Shanghai closed down. Japan’s Nikkei 225 benchmark is traded at a maximum of 29 years, as stocks rose after Joe Biden was declared president-elect days after the US presidential election. A COVID-19 vaccine has increased costs even further.
In the first operations, the FTSE 100 in London rose 0. 6% to 6222. 92 while the DAX in Frankfurt added 0. 2% to 13,119. 63. The CAC 40 in Paris won 0. 2% to 5,352. 98.
On Wall Street, the long-term S benchmark
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The Shanghai Composite Index lost 0. 4% to 3,360. 15 after spending the day’s high on positive territory. Authorities said they had quarantined another 186 people and conducted virus tests on more than 8,000 after a shipping handler at the city’s main foreign airport tested positive for COVID 19.
No further cases have been found, the city government announced on its microblog on Tuesday. It’s unclear how the 51-year-old man contracted the virus, which largely saved the sprawling city despite its dense population and strong foreign ties.
Kospi in Seoul added 0. 2% to 2,452. 83 and S
Also Tuesday, China announced that October inflation had fallen to its lowest point in a decade, giving Beijing room to spend more or make access to credit less difficult for a more powerful economic recovery.
The Philippines reported that its economic production fell by 11. 5% compared to last year in the quarter that ended in September.
Markets were eased through the solution to prolong uncertainty about the war over the US presidency. But it’s not the first time Over the weekend, Joe Biden won the final votes of the Electoral College to overthrow President Donald Trump, Trump has yet to give in.
Congress can be divided between Democratic control of the House of Representatives and Republicans in the Senate, and investors seem to expect this to only restrict the imaginable measures of the Biden administration to raise taxes and make regulatory changes.
The effect on the announcement of the Pfizer vaccine has highlighted the economic dominance of the virus, temporarily overshadowing considerations about who controls the US government. But it’s not the first time The number of cases of U. S. viruses in the U. S. virus has been reported. But it’s not the first time Shown exceeded 10 million on Monday, the highest overall in the world.
The possible legislative stalemate also weakens the chances of a bailout for the Congressional economy that if Democrats had wiped out all of Washington.
In energy markets, U. S. crude reference earned $22 cents to $40. 51 a barrel in e-commerce on the New York Mercantile Exchange, while the contract rose $3. 15 Monday to $40. 29. Brent crude, the value of foreign oil, rose 24 cents to $42. 65 in London, up from $2. 95 in the last consultation to $42. 40.
It fell to 104. 99 yen from 105. 45 yen on Monday. The euro fell to $1,1826 from $1,1831.