Market Update (11/23)
Major indexes rallied on Monday, with investors weighing the impact of new COVID-19 infections against the unfolding timetable to approve and deploy a vaccine. Investors also embraced more good news on the vaccine front with the University of Oxford and AstraZeneca revealing that their candidate demonstrated efficacy of 70.4% in two large-scale trials but can achieve up to 90% efficacy after a second dose. Despite the announcement, though, shares of AstraZeneca closed the day lower after Pfizer and BioNTech announced plans to file for an emergency use authorization from the FDA, with hopes of launching its vaccine in December. Optimism that the global pandemic may be slowed and eventually stopped with an effective vaccine helped move markets higher.
At the close, the $DJI gained 1.12% to 29,591.27. The NASDAQ Composite closed higher to 11,880.63, up 0.22%. The S&P 500 gained 0.56% to 3577.59. The Russell 2000 was positive, closing higher by 1.97% to 1820.51.
The InvestorsPrism family of indexes closed mostly higher. The PRISM Emerging Gene Therapy index closed higher by 0.7%. The PRISM Emerging MedCannabis index is higher by 1.1% on the day. The PRISM Emerging MedDevices index increased by 2.3%.
Other PRISM indexes closed mixed. The PRISM Emerging MedDiagnostics index gained 0.4%. The PRISM Emerging New Economy index closed higher by 5.7%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 1.8%. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 0.6%.
The top commodities are mostly higher at the 4:00pm ET mark. Crude Oil is trading higher to $43.00, up 1.37%. Gold is lower by 1.97% to $1835.60 per oz., and Silver is lower by 3.09% to $23.61 oz. Bitcoin ($BTC) is consolidating above $18,000, now trading to $18,366.08 as of 4pm est.
*data as of market close at 4pm est on 11/23/20
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