London Capital Group | Nov 11, 2020 08:07
News
Day Ahead
Quote of the day
"Men marry women with the hope they will never change. Women marry men with the hope they will change. Invariably they are both disappointed.” – Albert Einstein"
Wrap
The Dow closed up 262 points while the S&P 500 slumped with tech companies losing favor on vaccine hopes. The Nasdaq fell 1.37% as Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT) extended losses from Monday as investors turned to reopening stocks. Apple bucked the trend, rising ever so slightly after announcing its first chip, the M1. Value and small caps sharply outperformed Growth and large caps stocks. European equities closed higher as Banks surged another 4.4%. On the fixed income side, the U.S yield curve steepened to its highest since May 2017.
President-Elect Joe Biden said Tuesday that his transition is underway and nothing is going to stop it, even if President Donald Trump continues to stew in denial. Fellow Republicans are still supporting Trump's attempt to challenge Biden's victory, but their patience may be limited, Reuters reported. Senior aides said the president must produce evidence or exit stage.
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