Stocks Today: 11.16.2020 – stock market update

Nov. 16, 2020

Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Monday, 16 November 2020).

S&P 500, Dow Jones and Russell 2000 all hit a record today!

Starting with the S&P 500, a new record of was reached at 3.626,92, closing 1,17% up.

The Dow Jones reached the 30.000 mark during the day, a height that the index has never reached before. The index closed at 29.950,44, up 1,6%.

The Dow at its all time high – the last one being on February 2020:

And finally, the Russell 2000 reached 1.781, up another 2,14% !

Why did the stock market move?

The reason for this trend upwards is the news of a new potential vaccine coming in the near future from another vaccine producer, this time Moderna. Last week we have seen a similar although bigger trend in the market following the announcement of Pfizer (always on a Monday).

Stocks of the day

Moderna announced that its experimental vaccine was 94.5% effective at protecting from Covid-19 in pivotal study results.

For this reason Moderna’s stock performed incredibly well, jumping 9,58% ! 

But many other companies’ stocks were lifted up by this news. Similarly as last week, it’s the case of the so called “recovery stocks”, the ones most hardly hit by the pandemic.  

Such companies are in fact supposed to benefit the most from a return to normality and they therefore performed very well.

Among others, American Airlines (up 4,5% ) and Carnival Corporations (up 9,74%).

Finally, despite the trend, not all companies that benefited from stay-at-home orders moved downwards this time. As a matter of fact, whereas Zoom Video (already down 20% in two weeks ago) was down 1,1% today, Peloton Interactive closed up 1,1%. 

That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!