Market Update (11/11)
The NASDAQ and S&P 500 closed higher with tech shares recovering losses from the past two trading sessions. Traders sought out value in many of the stocks hardest-hit by the pandemic, including the airline, cruise line, lodging, restaurant and brick-and-mortar companies, with many thinking bottoms are close. Optimism also abounds as hopes that drug-makers are close to earning approvals for a Covid-19 vaccine that could help to revive retail sales. The rally, though, did not extend into the DOW, which fought to close near the flat-line in the waning minutes of trading.
At the close, the $DJI lost 0.08% to 29,397.63. The NASDAQ Composite moved higher to 11,786.43, up 2.01%. The S&P 500 gained 0.77% to 3572.66. The Russell 2000 lost 0.35% to 1730.89.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 0.4%, with Abeona Therapeutics (ABEO, +13.04%) leading the advancers. The PRISM Emerging MedCannabis index moved lower by 2.2%, with GrowGeneration Corp. (GRWG, +7.77%) staying bullish to lead the index gainers.
The PRISM Emerging MedDevices index traded higher by 1.1%. Myomo Inc. (MYO, +20.62%) was bullish to lead the advancers on strong volume. Other PRISM indexes closed higher.
The PRISM Emerging MedDiagnostics index moved higher by 2.5%. The PRISM Emerging New Economy index closed higher by 2.1%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 0.7% on the day.
The biotech focused PRISM Emerging Vaccines & Cell Therapy index gained value, adding 3.5%. Arcturus Therapeutics (ARCT, +24.02%) led the advancers after reporting earnings after-hours on Monday.
The major commodities were higher. At 4:00pm ET. Crude Oil is trading higher by 0.07% to $41.39. Gold is lower by 0.80% to $1861.30 per oz., and Silver is trading lower at $24.25 oz., down 0.85%. Bitcoin ($BTC) is holding well above the $15,000 level, exchanging hands at $15,694.60 at 4:00pm ET.
*data as of market close at 4pm est on 11/11/20
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