Home Stock & Shares Dow, S&P500 hit record high levels

Dow, S&P500 hit record high levels

by Jonathan Adams
Dow Jones

The Dow Jones Industrial Average rose 1.60%, the S&P 500 gained 1.16%, and the Nasdaq 100 added 0.63%

On Monday, U.S. stocks maintained upward momentum pushing the Dow Jones Industrial Average (+470 points or 1.60% to 29950) and the S&P 500 (+41 points or 1.16% to 3626) to record levels. The Nasdaq 100 rose 75 points (+0.63%) to 12013.

The key market driver was Moderna’s (MRNA +9.58%) announcement of positive trial results of its COVID-19 vaccine.

Energy (+6.5%), Automobiles & Components (+3.01%) and Banks (+2.95%) sectors performed the best. Energy companies such as Schlumberger (SLB +10.89%), National Oilwell Varco (NOV +9.38%) and HollyFrontier (HFC +9.24%) were top gainers along with a 3% gain in as oil prices.

Approximately 87% of stocks in the S&P 500 Index were trading above their 200-day moving average and 86% were trading above their 20-day moving average.

In after-market hours, Tesla soared over 10% after S&P Dow Jones Indices announced that the stock will join the S&P 500 Index in December.

U.S. Treasury prices remained under pressure, as the benchmark 10-year Treasury yield climbed further to 0.904% from 0.893% Friday.

Spot gold edged up to $1,889 an ounce.

Oil prices jumped as economic recovery hopes were boosted by positive news concerning Moderna’s vaccine candidate. U.S. WTI crude futures (December) jumped $1.27 (+3.16%) to $41.4 a barrel.

The U.S. dollar kept weakening against other major currencies as investors’ risk appetite was enlarged by another positive development on a COVID-19 vaccine. The ICE Dollar Index slipped 0.17% to 92.55.

In Europe, stocks were broadly higher.

The Stoxx Europe 600 rose 1.18%, Germany’s DAX added 0.47%, France’s CAC 40 jumped 1.70%, and the U.K.’s FTSE 100 was up 1.66%.

EUR/USD was up for a third session rising 0.15% to 1.1851. USD/JPY edged down to 104.58, testing support at its 20-day moving average. Official data showed that Japan’s 3Q GDP rose at an annualized rate of 21.4% on quarter. GBP/USD closed flat at 1.3197.

Commodity-related currencies strengthened against the greenback.

AUD/USD jumped 0.69% to 0.7320, up for a second session.  USD/CAD slid 0.48% to 1.3074.



Important
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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