Market Update (10/16)
Stocks ended mostly higher at the close Friday as markets recovered some of the weakness of the past three sessions. Investors met the day with a number of upbeat announcements from companies including Boeing and Pfizer and were encouraged by a much better than expected print on spending by the U.S. Consumer. A report released early in the day showed that U.S. retail sales jumped 1.9% in September from August, beating estimates that expected only a 0.8% gain. Sales at clothiers, department stores, auto dealers and sporting goods stores contributed to retail sales’ fifth straight monthly gain.
Those numbers helped drive stocks higher, although the tech heavy NASDAQ lagged the group. At the close on Friday, the $DJI gained 0.39% to 28,606.31. The NASDAQ Composite didn’t join the rally and closed lower to 11,671.56, down 0.36%. The S&P 500 gained 0.01% to 3483.81. The Russell 2000 ended the day modestly lower by 0.20% to 1635.60.
The InvestorsPrism family of indexes ended the day mixed. The PRISM Emerging Gene Therapy index closed higher by 1.5%, with Logic BioTherapeutics (LOGC, +10.35) leading the charge higher. The PRISM Emerging MedCannabis index closed higher by 0.2% on the day. The PRISM Emerging MedDevices index traded modestly lower by 0.4%. CHF Solutions (CHCF, -12.67%) led the decliners.
Other PRISM indexes also closed mixed. The PRISM Emerging MedDiagnostics index moved lower by 0.7%. The PRISM Emerging New Economy index closed lower by 1.0%, and the PRISM Emerging Pet Care & AgriBiz index closed flat on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 1.0%, but Gamida Cell Ltd. (GMDA, +11.32%) was nicely higher on strong volume.
The top commodities are mostly lower at the 4:00pm ET mark. Crude Oil is trading lower to $40.76. Gold is lower to $1903.20 per oz., and Silver is trading a penny above yesterdays 4pm price at $24.29 oz. Bitcoin ($BTC) is holding above its important $11,000 support level and is currently trading hands at $11,319.74 as of 4pm est.
*data as of market close at 4pm est on 10/16/20