Nov. 27, 2020
Good afternoon everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Friday, November 27, 2020).
This Black Friday was an early-closure day for the stock market, with the New York Stock Exchange and Nasdaq closing at 1 p.m. ET.
We have seen values increase on all main indexes today. The S&P 500 and the Russell 2000 were able to beat their Tuesday record, in this way reaching a new all-time high. The S&P was up 0.24%, whereas to small-cap index was up 0.56%.
An all-time record was also reached by the Nasdaq today that closed up 0.92% and passed the 12,200 border for the first time.
Why did the stock market move today?
Within the S&P 500, stocks from the health care, technology and communication services sectors were the ones leading the index upwards today.
This suggests that investors remain quite suspicious about the near future of so-called “recovery stocks” and are trying to carefully rebalance their positions in companies that have performed well despite the pandemic.
Stocks of the day
An example of the positive day for tech companies is the rise seen in Google’s (Alphabet’s) stock price, which reached an all-time high today.
The stock (NASDAQ: GOOGL) closed 1.30% up today.
But it wouldn’t be Black Friday without shopping, right?
Christmas shopping expectations moved investors to consider the huge potential of emerging e-commerce platforms for the next quarter, with Etsy and Wayfair Inc. closing an extraordinary trading day.
Etsy is known for selling handmade/vintage items ranging from jewelry to bags, clothing, home décor, furniture and toys. The stock (NASDAQ: ETSY) was up more than 10% today. The stock price has quadrupled since April.
Wayfair is instead known for its leadership in the furniture and home-goods e-commerce. The stock (NYSE: W) closed 4% up today.
That’s all for this Black Friday’s stock market update. Stay tuned to receive your daily update!