The Market is Turning Around – Financial News Summary for Monday, November 23, 2020

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The market saw a positive day today, closing out the beginning of the week with stocks rising. The Dow Jones closed up 1.12% at 29,591.27. The NASDAQ closed up 0.22% at 11,880.63 and the S&P 500 closed up 0.56% at 3,577.59. STOXX Europe, on the other hand, saw a decrease today of 0.20% to close at 388.84.

 

Tesla seems to be well on their way to a good entrance on the S&P 500 with their stock rising by 7.1% over the afternoon of trading. In fact, investors and analysts are looking at the stock a little differently as they see the way that it’s pulling out a high stock level and closing above their previous record. In fact, their new record is $524.52 after today’s trading, leaving their stock at $497.2 billion.

“With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021,” Wedbush analyst Dan Ives wrote.

 

Canada is starting to bring their stock index back into the positive for the first time in quite some time this year. In fact, the S&P/TSX Composite Index finally wiped out the losses for the year by climbing that last 0.4%. Their benchmark has actually closed at its highest since the end of February, with vaccines seeming to buoy the progress of the market. It’s been a rough year overall for the stocks as they plunged down into a bear market and then back up into a bull. The index has managed to slowly make their way upwards, but it’s been a slow climb.

Technology, gold and financials seem to be the reason that the market has improved and have definitely made a difference in the way that the stock market has functioned. Each of these areas has led to the stock driving in a positive direction, with market leaders like banks, insurers, Shopify, Inc. and more. With the help of these companies it just might be possible for the market to turn around completely and bring in some good increases for the end of the year.

 

Oil with West Texas Intermediate rose today by 1.41% to close at $42.06 per barrel. Gold fell today by 1.70% to close at $1,838.33 per ounce. The 10 year treasury yield posted an increase, coming in at 0.86, while the 30 year yield saw a same level increase, coming in at 1.56.

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