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S&P 500 Closes Over 3,700

By London Capital GroupMarket OverviewDec 09, 2020 08:21
uk.investing.com/analysis/sp-500-closes-over-3700-200450911
S&P 500 Closes Over 3,700
By London Capital Group   |  Dec 09, 2020 08:21
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MARKETS

The S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer (NYSE:PFE) started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite climbed 0.5%. Dow Inc., Johnson & Johnson and 3M (NYSE:MMM) were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1.5%. Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%. The pan-European Stoxx 600 index closed up by 0.2%. Bonds and Gold were bid. Bitcoin was sold back below $19k.

U.S. worker productivity increased strongly in the third quarter. The pace of growth was likely overstated, however, as the sharp rebound in output from the Covid-19 pandemic recession has far outpaced employment gains. Nonfarm productivity, which measures hourly output per worker, increased at a 4.6% annualized rate last quarter, the Labor Department said.

WRAP

News

  • Asia-Pacific markets trade higher as vaccine rollout in the U.K. fuels some optimism;
  • DEFLATION AHEAD? China’s consumer prices drop for the first time since 2009;
  • Bitcoin is down $1,000 to $18,150 this morning;
  • COVID NEWS: Thousands of Britons receive the world’s first approved coronavirus vaccine as the U.K. ordered enough vaccines for 20 million of its residents to start. In the U.S., the Food and Drug Administration (FDA) said the vaccine provides some protection after the first dose;
  • Other Covid News: The FDA also said it found no safety concerns with the vaccine and says Pfizer/BioNTech vaccine works 10 days after first dose. AstraZeneca vaccine is only 62% effective; impact on elderly unclear as more data needed;
  • Boris Johnson heads to Brussels on Wednesday for crunch BREXIT talks;
  • CAN YOU BELIEVE IT? Snowflake (SNOW) Market Cap hits $73 billion, surpasses IBM (NYSE:IBM), AMD. The stock now trades on 149x revenues! Is Snowflake the most expensive software stock EVER?
  • Tesla to raise up to $5 billion in share offering, its second in three months;
  • Revolut, Europe’s $5.5 billion digital bank, quietly broke even in November;
  • JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said that low-yielding Treasurys are a poor investment right now;
  • Tech giants could face fines of up to 10% of global revenues under new UK competition rules.

What Else?

  • U.S ELECTIONS: Supreme Court rebuffs attempt to block Biden’s Pennsylvania win. Republican challenges to Donald Trump’s election loss hit dead end with high court’s decision;
  • Shell (LON:RDSa) executives quit amid discord over green push. Several clean energy leaders leave the company with only weeks before strategy announcement;
  • IPO!!! DoorDash (DASH), an American on-demand prepared food delivery service founded by Stanford students, is going public this week. Yesterday evening they hiked IPO price AGAIN to $102 per share;
  • Former Nikola CEO Milton Sold $55 Million In Stock, Bought Three Properties;
  • SOME HEDGE FUNDSNEWS >>> BlueCrest to return $170m to former investors after SEC settlement. US regulator says UK investment firm misled clients and prioritised managing founders’ money.

Earnings Update

  • GameStop (NYSE:GME) revenue missed in Q3 on Video Game delays, lower store; shares slumped 10% after market.

Day Ahead

Quote of the day

“Light travels faster than sound. This is why some people appear bright until you hear them speak.” – Alan Dunde

Original Post

S&P 500 Closes Over 3,700
 

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S&P 500 Closes Over 3,700

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