Nov. 20, 2020
Good morning everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market yesterday (Thursday, 19 November 2020).
Most indexes closed positive yesterday, after a consecutive 2-days down. The Nasdaq guided the S&P 500 up, while small-caps also performed pretty well.
In particular, the S&P 500 closed up 0,39 % landing back to 3.581,87.
The Nasdaq was the best performing index yesterday, closing up 0,87% at 11.904,71 – still far away from the record height reached on September. The Russell 2000 performed almost as good, closing with 0,84 % up.
Why did the stock market move?
On the one hand, the hope for a new Stimulus to the U.S. economy provided a boost the the morale of the investors. This in light of the fact that Mitch McConnell, Majority Leader in the Senate, agreed to start discussions with Democrats over a new bill.
On the other hand, yesterday’s upwards trend looks like a reaction to the two days of skepticism, in which the investors began to doubt the true speed of a recovery. In this context, Pfizer recently announced its plan to seek authorization from health regulators within days for its Covid-19 vaccine.
Stocks of the day
Finally to the individual stocks, Nio (NIO), the Chinese automaker, was up 7,52% today following its quarterly earnings release which saw both losses per share (-0.98 instead of -1.23) and revenue (4.58 B instead of 4.37B CNY) doing better than expected.
That’s all for this Thursday’s stock market update. Stay tuned to receive your daily update!