Dec. 4, 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 (Friday, December 4, 2020).
The S&P 500 closed up 0.88% and the Nasdaq up 0.70%. Both indexes reached a new all-time high today.
For the second day in a row, the best performing index was the Russell 2000. The small-cap index jumped an impressive 2.37% up today!
Why did the stock market move today?
Although today the U.S. Labor Department reported the slowest pace of job growth since April, investors didn’t seem too worried about the news.
The week that just ended has seen an increasing hype on new talks regarding a stimulus package. On top of that, good news also came from BioNTech today as the production of their COVID-19 vaccine is proceeding steadily and the company is close to produce the 50 million doses of COVID-19 vaccines expected for this year.
Considering the big jump seen among the small-cap stocks, where most of the so called “recovery stocks” are to be found, it’s clear that the optimism for a return to normality in the near future is getting stronger.
Stocks of the day
After releasing on Wednesday the first earnings report since their ipo, Snowflake’s stocks (NYSE: SNOW) continued their upward trend closing up more than 14% today. According to their release, the revenue of the cloud-based data-warehousing company grew 119% year over year and their loss per share went from $1.92 to $1.01 per share in one year.
As holders of a typical “recovery stock”, investors in the ride-sharing and food delivery giant Lyft must have been happy to see their stock (NASDAQ: LYFT) jump up almost 7% today .
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!