Market Update (11/16)
Indexes soared to record high closings on Monday after Moderna provided a shot of adrenaline by announcing upbeat data for its COVID-19 vaccine candidate. Investors embraced the development with hope that an effective inoculation will soon be available. The report boosted shares of airlines, cruise lines, hotels, and restaurant companies as investors look toward an effective vaccine to restore a normal level of consumer traffic to these businesses.
At the close, the $DJI gained 1.60% to 29,950.44. The NASDAQ Composite closed higher to 11,924.13, up 0.8%. The S&P 500 gained 1.16% to 3626.91. The Russell 2000 was also strong, closing higher by 2.37% to 1785.34.
The InvestorsPrism family of indexes followed the markets lead higher. The PRISM Emerging Gene Therapy index closed higher by 0.9%. The PRISM Emerging MedCannabis index is higher by 0.7% on the day. The PRISM Emerging MedDevices index increased by 0.1%.
Other PRISM indexes closed higher. The PRISM Emerging MedDiagnostics index gained 0.3%. The PRISM Emerging New Economy index closed higher by 3.0%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 2.3%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index also closed higher by 2.3%.
The top commodities are higher at the 4:00pm ET mark. Crude Oil is trading higher to $41.40, up 3.16%. Gold is modestly higher to $1887.50 per oz., and Silver is higher by 0.36% to $24.86 oz. Bitcoin ($BTC) is continuing its rally, now trading well above the $16,000 level to $16,781.00 as of 4pm est.
*data as of market close at 4pm est on 11/16/20
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