Market Update (8/27/2020)
Stocks rallied late on Thursday sending major indexes mostly higher. Markets were cautions at the open but turned bullish after investors evaluated Federal Reserve Chair Jerome Powell’s pledge to push inflation slightly higher while maintaining accommodative monetary policy. Tech stocks helped to power the indexes higher with Facebook (FB), Amazon (AMZN), Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG, GOOGL) posting their highest-ever levels intraday.
The $DJI closed higher by 0.57% to 28,492.20. The NASDAQ Composite dropped late in the day to close at 11,625.34, down 0.34%. The S&P 500 is within 17 points of its all-time high closing at 3484.59, up 0.17%.
The InvestorsPrism family of indexes closed the day mixed. The PRISM Emerging Gene Therapy index closed higher by 0.1%. The PRISM Emerging MedCannabis index moved higher by 0.3%. The small-cap heavy PRISM Emerging MedDevices index fell by 0.7%.
Other PRISM indexes closed mixed. The PRISM Emerging MedDiagnostics index fell by 0.6%, the PRISM Emerging New Economy index was higher by 1.4%, and the PRISM Emerging Pet Care & AgriBiz index closed lower by 0.3%. Tracking emerging biotechs, the PRISM Emerging Vaccines & Cell Therapy index closed lower by 4.0%.
The commodities were slightly bearish as risk entered the markets. Crude Oil is lower to $42.97 per barrel, Gold lower to $1938.5 per oz., and Silver lower at $27.14 per oz. Bitcoin ($BTC) stayed in its bearish mood and is trading at $11,262.87, lower by 1.91% on the day.
*data as of market close at 4pm est on 8/27/20