London Capital Group | Nov 10, 2020 06:44
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Earnings Update
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Equity markets jumped on Monday as investors cheered trial data from Pfizer (NYSE:PFE) and BioNTech indicating their Covid-19 vaccine is more than 90% effective. The Dow closed 834 points higher, or 2.95%, for its biggest one-day gain since June 5. The index was up more than 1,600 points earlier in the session. The S&P 500 popped 1.2% while the small-cap Russell 2000 index gained 3.7%. However, the Nasdaq Composite closed lower by 1.5% as traders rotated out of high-flying technology and "stay-at-home" names into more beaten-down value stocks. Those losses in Big Tech also capped the gains for the broader market. European equities soared 4ç. Oil jumped 8% while Gold, Silver and U.S Treasuries crashed.
President-elect Joe Biden is starting the first week of his transition focused on the coronavirus pandemic. Meanwhile, U.S. coronavirus cases cross 10 million as outbreaks spike across the nation as New Jersey puts limits on restaurants and bars after rise in cases.
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