Market Update (10/9)
With prospects of a stimulus package near, stocks kept bullish sentiment into the weekend. The S&P 500 and NASDAQ each posted strong weekly gains, rising about 3.7% and 4.6%, respectively. The Dow gained 3.3% on the week for its best gain since August. Traders were willing to hold stocks into weekend and will be closely monitoring developments as to whether a comprehensive or partial stimulus package might emerge before the November elections. If so, the markets may rally further with additional relief measures viewed as a vital asset to encouraging the recovery in the pandemic-stricken economy.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 1.4%. The PRISM Emerging MedCannabis index is higher by 0.7% on the day. The PRISM Emerging MedDevices index increased by 1.2%.
Other PRISM indexes closed mixed. The PRISM Emerging MedDiagnostics index gained 0.7%. The PRISM Emerging New Economy index closed higher by 1.9%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 0.4%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index also closed lower by 0.2%.
The top commodities are mixed at the 4:00pm ET mark. Crude Oil is trading lower to $40.53. Gold is modestly higher to $1933.60 per oz., and Silver is strong, adding 5.69% to $25.24 oz. Bitcoin ($BTC) is trading above resistance at $11,052.19 as of 4pm est.
*data as of market close at 4pm est on 10/9/20