Dec. 1, 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, December 1, 2020).
In contrast to yesterday, this was a very positive day for the stock market with the S&P 500 and the Nasdaq reaching new all-time highs.
Both the S&P 500 and the Nasdaq were up more than 1% today: respectively 1.13% and 1.28%.
After having orbited over the 30,000 quote during most of the morning, the Dow Jones closed positive and up 0.63%.
Why did the stock market move today?
Although today’s best performers remain tech stocks, almost all sectors were up today with stocks from the industrial and financial sectors recovering some of the losses suffered for yesterday’s selling. What was the stock market reacting to today?
Following yesterday’s similar news regarding Moderna, today it was announced that also BioNTech – Pfizer’s partner on the COVID-19 vaccine – asked for its vaccine to be approved for use in the EU.
Positive news have also come from Washington on voices of a new stimulus package. Senate Majority Leader McConnell said to have circulated a proposal, providing relief for industries hit by the pandemic as well as further stimulus, that President Trump might be willing to sign into law in the next days.
Stocks of the day
After revealing a new strategic partnership with Sephora, Kohl’s stocks (NYSE: KSS) were up 13.42% today. In accordance to the partnership, 850 Sephora shops will be installed inside Kohl’s stores by 2023.
On a different note, investors in TripAdvisor, Inc. saw their stocks (NASDAQ: TRIP) go up 5.71% today and reaching $27.59. This definitely suggests a renewed optimism towards future re-openings and more in general towards the food and hospitality sectors.
That’s all for this Tuesday’s stock market update. Stay tuned to receive your daily update!