Stocks rebounded on Thursday and reversed an early morning selloff after economic data showed a surge in third-quarter GDP and a better than expected jobless claims report. Still, despite the bullish sentiment on Thursday, investors are cautiously evaluating the upcoming election’s implications, a global spike in coronavirus cases, and a stalemate in pandemic relief stimulus efforts. Nonetheless, investors looked for value and the major indexes each closed higher.
At the close, the $DJI gained .52% to 26,659.11. The NASDAQ Composite moved higher to 11,185.59, up 1.64%. The S&P 500 added 1.19% to 3310.11. The Russell 2000 joined the bullish mood to close higher by 1.19% to 1561.57.
The InvestorsPrism family of indexes followed the broader markets direction. The PRISM Emerging Gene Therapy index closed higher by 1.6%, with Precigen, Inc (PGEN, +6.94%) strong on the day. The PRISM Emerging MedCannabis index closed higher by 1.9%. It was led by Aurora Cannabis (ACB) which ended higher by 6.66%.
The PRISM Emerging MedDevices index traded higher by 1.6%. Medigus Ltd. (MDGS, +9.69%) led the bulls to to top the index’s gainers list. Other PRISM indexes closed mixed.
The PRISM Emerging MedDiagnostics index moved higher by 0.9%. The PRISM Emerging New Economy index closed lower by 0.8%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 1.1% on the day.
The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed higher by 2.8%. Cellect Biotechnology (APOP, +22.35%) surged double-digits on a percentage basis on extremely heavy volume.
The major commodities were mixed. At 4:00pm ET. Crude Oil is trading lower by 2.62% to $36.41. Gold is lower by 0.52% to $1869.5 per oz., and Silver is trading modestly higher at $23.42 oz., up 0.28%. Bitcoin ($BTC) is consolidating above the $13,000 level, trading at $13,522.64.
*data as of market close at 4pm est on 10/29/20