Nov. 24, 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 (Tuesday, 24 November 2020).
This was another great day for the stock market, with most indexes up substantially.
The S&P 500 closed up 1,62% and reached a new record high at 3.635,41. The Nasdaq was up 1,31%, closing at 12.036,78.
There is no doubt that today is the day of the Dow Jones. With this new 1,54% jump, not only did the DJIA reach a new all-time high, but for the first time it passed 30.000, which represents an amazing achievement despite the complicated year.
Why did the stock market move today?
Lower uncertainties on the government transition in the U.S., after that President Trump’s team announced the intention to begin cooperating with President-elect Biden’s team. Further political turbulence following the allegations of election fraud is something investors would prefer to avoid and are therefore cheerful whenever more clearness is provided.
Yesterday’s announcement by AstraZeneca regarding its last vaccine trial has played a big role in the performance of the stock market today. This can be noticed from the renewed optimism towards so called “recovery stocks” .
Stocks of the day
The stock market’s positive reaction can be seen particularly in traditional sectors such as the energy and the financial sector, given that both sectors were very hardly hit by the pandemic.
As a pick from the energy sector, Exxon Mobil (NYSE: XOM) went up 6,66% today!
From the financial sector, Bank of America (NYSE: BAC) reached its highest value since the beginning of the pandemic. The stock was up 5,77% today, getting closer to $30 a share.
Finally it is worth mentioning that this stock market day saw an impressive rush towards airlines stocks, probably the most hardly hit by the global restrictions and some of the stocks with the greatest recovery potential.
Among the airlines, American Airlines (NASDAQ: AAL) was up more than 9% today.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!