The market closed on a high note today with the three main markets in New York closing up. The Dow Jones closed up 0.35% at 30,173.88. The NASDAQ closed up 0.50% at 12,582.77 and the S&P 500 closed up 0.28% at 3,702.25. STOXX Europe also rose today by 0.25% to close at 393.81.
The stock market is definitely not looking the way anyone would have expected. In fact, with everything that’s happened this year we definitely wouldn’t have expected an all time high for the market, but that’s where we are. With sky-high unemployment, rock bottom earnings and an economy that’s all but shut down due to the virus, our stock market being where it is definitely wouldn’t have been anyone’s guess. But it looks like investors are now feeling a bit more optimistic, especially about a prospective stimulus, though there’s no guarantee that it’s going to happen.
The Dow Jones, NASDAQ and S&P 500 have all high record highs in the last few days, primarily on Friday and it seems that things are only looking up from here. But there’s no way to know for sure what could be happening next.
“The market has priced in a recovery from Covid-19 to some extent and a new peak in earnings. If the world doesn’t return to normal investors will be disappointed,” said Brad Neuman, director of market strategy with Alger.
FireEye Inc. saw their shares drop after closing today as their company admitted to being hacked. In fact, they fell 8% after hours. The company says that they believe that the characteristics of the hack indicate that it was state-sponsored, stating that it was “different from the tens of thousands of incidents we have responded to throughout the years,” and “used a novel combination of techniques not witnessed by us or our partners in the past.”
The company says that the hack located the assessment tools that are used by FireEye to test cybersecurity for their clients and now the company is releasing further information about how to detect if these tools have been used against the community.
West Texas Intermediate saw a drop in crude oil prices of 0.26% to close at $45.51 today, with prices continuing to fluctuate after hours. Gold rose today by 0.34% to finish at $1,870.84 per ounce. On the other hand the treasury yield fell slightly today with the 10 year yield closing at 0.92 and the 30 year yield closing at 1.67. This brings the numbers down to where they were three days ago.