Market Update (10/22)

Stocks were bullish on Thursday despite a stimulus deal that appears to have stalled and only a slight improvement to the jobless claims rate. The absence of “bad news” may have helped to provide positive momentum to a market that is hungry for gains.  Active stocks included Tesla (TSLA), which gained more than 2% after the electric vehicle-maker posted a fifth straight quarterly profit and reaffirmed its goal to hit a half-million vehicle deliveries this year. On the losing side, Chipotle (CMG) dropped more than 4% after posting tightening margins as costs associated with a surge in delivery demand weighed on profitability.

At the close on Thursday, the $DJI gained 0.54to 28,363.66. The NASDAQ Composite jumped to 11,506.01, up 0.19%. The S&P 500 gained 0.52% to 3453.49. The Russell 2000 also followed the bullish trend to close higher by 1.65% to 1630.25.

The InvestorsPrism family of indexes ended the day higher with as gains in the broader markets extended to multiple sectors. The PRISM Emerging Gene Therapy index closed higher by 3.0%, with Orchard Therapeutics (ORTX, +12.77%) leading the advancers.  The PRISM Emerging MedCannabis index closed higher by 0.9% on the day. The PRISM Emerging MedDevices index traded higher by 1.4%. Sientra, Inc. (SIEN, +10.43%) led the index posting double-digit percentage gain from Wednesday’s close.

Other PRISM indexes also closed higher. The PRISM Emerging MedDiagnostics index moved higher by 1.7%. The PRISM Emerging New Economy index closed higher by 1.7%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.9% on the day. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed higher by 3.3%. PDS Biotechnology (PDSB, +7.7%) followed the bulls to close higher at $2.22 per share.

The top commodities are mixed at 4:00pm ET as risk enters back into the markets. Crude Oil is trading higher by roughly 1.52% to $40.64. Gold is lower by more than one-percent to $1906.40 per oz., and Silver is also trading lower from Wednesdays 4pm price at $24.78 oz. Bitcoin ($BTC) is in rally mode, rising 18.6% to $13,116.91 as of 4pm est.

*data as of market close at 4pm est on 10/22/20

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Market Update (10/22)

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