Mixed Messages in the Market – Financial News Summary for Tuesday, November 24, 2020

Mixed Messages are Confusing the Market
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Th US Stock market seems to be on an upward swing again with stocks rising for the second day in a row in the new week. The Dow Jones closed up 1.54% to finish at 30,046.24. The NASDAQ closed up 1.31% to finish at 12,036.78 and the S&P 500 closed up 1.62% to finish at 3,635.41. STOXX Europe also saw a climb today of 0.83% to close at 392.05.

 

The Dow Jones saw one of its biggest days in history, closing over 30,000 for the very first time ever. This after it grew by over 400 points throughout the course of the day. It seems that the potential for economic recovery and the coronavirus vaccines have led to a whole lot of positives for the market and the stock, such as Chevron, JPMorgan Chase and Goldman Sachs helped it to continue rallying even higher. The stock seems poised to continue heading into the holiday weekend.

“This is yet another reminder of how far stocks and the economy have come since the depths of March although 30,000 isn’t much different than 29,999, there is something special about those big milestone numbers.” said Ryan Detrick, chief market strategist at LPL Financial

 

Gap Inc. is one of the stores that isn’t seeing a good increase or improvement since vaccine news started to turn things around. In fact, the company missed expectations for thee third quarter and says that increased COVID cases are driving sales down. In fact, they fell 9% after the news, though they earned $95 million in the quarter. This is down significantly from the $140 million they earned the year-ago-quarter. Their net sales were also flat with online sales rising 61% and store sales falling 20%. Things definitely aren’t looking good for the retailer which is still not seeing the same rally that many others have as vaccine news improves outlook.

The company declined to provide a fiscal-year earnings outlook with the statement “recognizing the continued high level of uncertainty in the marketplace. “The widely-noted recent rise in COVID-19 cases remains a concern, which may impact store traffic.”

 

West Texas Intermediate saw oil jump 4.09% today to close at $44.82 a barrel. Gold prices, on the other hand, fell 1.66% to close at $1,807.78 per ounce. The treasury yield is still rising coming into the holiday. With the 10 year yield up to 0.88 and the 30 year yield up to 1.60.

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