Market Update (9/09)
Markets rebounded on Wednesday after three days of heavy selling. Tech stocks were again of interest to investors, who bid up the prices of Amazon (AMZN), Apple (AAPL), and Facebook (FB), with each higher by more than 4% intraday. Tesla (TSLA) earned back 10.9% of its value at the days end, erasing steep losses during the prior three trading sessions to close at $366.28.
Stocks were decidedly bullish from the open. By the end of the trading day on Wednesday, the $DJI closed higher by 1.6% to 27,940.47. The NASDAQ Composite closed higher by 2.71% to 11,141,56. The S&P 500 rose by 2.01% to close at 3398.96. The Russell 2000 also had a strong day to close higher by 1.50% to 1527.18.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index closed higher by 0.01%. The PRISM Emerging MedCannabis index moved higher by 0.9%. The PRISM Emerging MedDevices index rose 2.7%. Tela Bio (TELA) led the gainers in that index after closing higher by 9.7%.
Other PRISM indexes closed mixed for the day. The PRISM Emerging MedDiagnostics index lost 0.6% of its value. The PRISM Emerging New Economy index also closed lower by 0.6%, and the PRISM Emerging Pet Care & AgriBiz index lost 0.3% in value. Zomedica Pharma (ZOM) led the gainers in that index to close 8.8% higher on Wednesday. Tracking biotechs, the PRISM Emerging Vaccines & Cell Therapy had a strong day to close higher by 3.0%.
The top commodities followed course with bullish sentiment at the 4:00pm ET mark. Crude Oil is higher to $38.05 per barrel, Gold is catching a bid to trade higher to $1957.80 per oz., and Silver also higher to $27.26 per oz.. Bitcoin ($BTC) is grabbing traction above the key $10,000 support level with the virtual currency trading at $10,312.59 as of 4pm est.
*data as of market close at 4pm est on 9/09/20