Dow, S&P Lock in Record Close Amid Vaccine Optimism

Rising COVID-19 cases kept a lid on gains

Deputy Editor
Nov 16, 2020 at 4:26 PM
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Stocks started the week off on the right foot, after some preliminary COVID-19 data from Moderna (MRNA) lifted investor sentiment. The Dow rose 470 points to log its second-straight record close. Meanwhile the S&P 500 and Nasdaq Composite also locked in substantial wins, with the former nabbing a record close as well, even as shares of "stay-at-home" stocks slipped. Still, coronavirus cases are rising in the U.S. and abroad, which kept a lid on the session's gains.

Continue reading for more on today's market, including:

  • Here's how Moderna stock fared after its vaccine update.
  • Why these vaccine hopes are boosting at least one airline stock.
  • Plus, Activision Blizzard whiffs despite bull note; more on AMC's reaction to reopening plans; and what's ahead of Dell stock.

The Dow Jones Industrial Average (DJI - 29,950.44) rose 470.6 points, or 1.6%. It was another long list of winners today, and Boeing (BA) topped it after adding 8.2%. Procter & Gamble (PG) paced the laggards with a 1.2% loss.

Meanwhile, the S&P 500 Index (SPX - 3,626.91) added 41.8 points, or 1.2%, for the day. The Nasdaq Composite (IXIC - 11,924.13) gained 94.8 points, or 0.8% for the day. .

Lastly, the Cboe Volatility Index (VIX - 22.45) fell 0.7 point, or 2.8% for the day.

closing summary nov 16

nyse nasdaq nov 16

  1. While his inauguration is still two months away, President-elect Joe Biden wasted no time on meeting with CEOs of top U.S. companies and labor leaders, just ahead of his speech that will focus on fixing the economy. (Reuters)
  2. Meanwhile, Biden will have his hands full upon entering the White House, as several companies and business groups hired a plethora of lobbyists with aims of influencing the incoming administration. (CNBC)
  3. Despite a bull note, this video game stock is sinking.
  4. AMC is digging itself out of penny stock territory.
  5. Dell Technologies is slated to reported earnings next week.

Earnings Nov16

uvol1116

Vaccine Update Boosts Oil, Gold Prices

Oil prices rose today, piggybacking off of Moderna's upbeat vaccine announcement. In response, December-dated crude added $1.21, or 3%, to settle at $41.43 a barrel.

Gold prices recovered from an earlier dip thanks to the vaccine update, as well as investors' hopes for additional economic support. December gold added $1.60, or 0.1%, to settle at $1,887.80 an ounce for the day.

 

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