London Capital Group | Nov 23, 2020 08:00
Quote of the day
"If there are no stupid questions, then what kind of questions do stupid people ask? Do they get smart just in time to ask questions?” – Scott Adams.
Stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery. The Dow Jones dropped 0.8% while the Nasdaq pulled back by 0.4%. Boeing (NYSE:BA) and Salesforce were the worst-performing stocks in the Dow, falling 2.9% and 2.5%, respectively. The pan-European Stoxx 600 closed up by almost 0.5%, with oil and gas stocks climbing 1.5% to lead gains. U.S 30Y Yields tumbled, erasing all of the Pfizer (NYSE:PFE) vaccine spike. The Dollar drifted lower all week, back at the post-election, pre-Pfizer-vaccine lows. Bitcoin neared its record high.
The U.S. seven-day average of daily new Covid-19 infections now stands at 165,029, 24% higher than a week ago. Many states have rolled back reopening plans and implemented fresh restrictions to curb the spread. On the U.S fiscal front, Treasury Secretary Steven Mnuchin announced plans to allow several of the Federal Reserve’s emergency lending programs to expire on Dec. 31.
Written By: London Capital Group
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