Market Update (11/3)

November 03, 2020 at 4:15 pm - by Editor Investors Prism

Markets were bullish on Tuesday despite facing a full pallet of uncertainty. Investors shrugged off the potential implications from election results, rising coronavirus cases, and an economic environment that is struggling to gain its footing. Looking past the potential headwinds, though, investors sought value and sent the major indexes higher by roughly 2% at 4:00pm ET.

At the close, the $DJI gained 2.06% to 27,479.64. The NASDAQ Composite moved higher to 11,160.57, up 1.85%. The S&P 500 gained 1.78% to 3369.18. The Russell 2000 joined the bulls to close higher by 3.03% to 1616.13.

The InvestorsPrism family of indexes followed the markets higher. The PRISM Emerging Gene Therapy index closed higher by 2.6%, with AVROBIO, Inc. (AVRO, +12.07%) helping to lead the index higher. The PRISM Emerging MedCannabis index added 2.3%. Sundial Growers, Inc. (SNDL, +12.97%) was the star of the index to lead all advancers.

The PRISM Emerging MedDevices index traded higher by 3.5%. Inspire Medical Systems, Inc. (INSP, +31.96%) led the bulls on heavy volume. Other PRISM indexes closed higher.

The PRISM Emerging MedDiagnostics index moved higher by 3.3%. The PRISM Emerging New Economy index closed higher by 3.5%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 2.7% on the day.

The biotech focused PRISM Emerging Vaccines & Cell Therapy index added to its value, increasing by 2.5%. Vericel Corp. (VCEL, +10.01%) led the advancers.

The major commodities were higher. At 4:00pm ET. Crude Oil is trading higher by 2.96% to $37.90. Gold is higher by 0.82% to $1908.10 per oz., and Silver is trading higher at $24.24 oz., up 0.86%. Bitcoin ($BTC) is consolidating its gains above the $13,000 level, trading at $13,731.21.

*data as of market close at 4pm est on 11/03/20