Market Update (11/4)
Markets found silver linings in what is likely to be the most contested election in history. Investors welcomed the lack of a “Blue Wave”, which took the pressure off of health-care stocks and helped them outperform on Wednesday. Also, with the republicans likely to hold the Senate, it’s believed that higher corporate taxes also may not be on top of the next President’s agenda. The health-care sector led the S&P 500 index higher, with UnitedHealth Group (UNH) and Amgen (AMGN) outperforming in the 30-stock Dow. Although stocks closed off of their lows, the major indexes had a good day.
At the close, the $DJI gained 1.34% to 27,847.66. The NASDAQ Composite moved higher to 11,590.78, up 3.85%. The S&P 500 gained 2.20% to 3369.18. The Russell 2000 joined the bulls to close minimally higher by 0.10% to 1615.84.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 4.2%, with Sangamo Therapeutics (SGMO, +10.99%) helping to push the index higher. The PRISM Emerging MedCannabis index lost 3.1%. Greenlane Holdings (GNLN, -10.87%) double-digit percentage loss helped to push the index lower.
The PRISM Emerging MedDevices index traded lower by 0.9%. Soliton, Inc. (SOLY, +8.75%) was bullish, though, leading the advancers on heavy volume. Other PRISM indexes closed higher.
The PRISM Emerging MedDiagnostics index moved higher by 0.6%. The PRISM Emerging New Economy index closed lower by 0.7%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 1.5% on the day.
The biotech focused PRISM Emerging Vaccines & Cell Therapy index added to its value, increasing by 1.9%. PDS Biotechnology (PDSB, +18.18%) led the advancers.
The major commodities were mixed. At 4:00pm ET. Crude Oil is trading higher by 3.48% to $38.97. Gold is lower by 0.40% to $1902.70 per oz., and Silver is trading lower at $23.94 oz., down 1.60%. Bitcoin ($BTC) broke above its hard fought resistance to now trade at $14,032.35.
*data as of market close at 4pm est on 11/04/20