Market Update (9/14)
Markets rallied on Monday as positive buzz about a potentially effective coronavirus vaccine candidate is again on track for development. Merger and acquisition news further buoyed investor confidence, sending the recently beaten down tech leaders higher. AstraZeneca (AZN) reversed its losses from Friday after announcing that its late-stage Covid-19 vaccine trials with the University of Oxford had resumed. Oracle (ORCL) was also a star of the day after reports confirmed that the company is included in a proposal to acquire TikTok. Shares in Oracle closed the day more than 4% higher.
Stocks kept their bullish theme throughout the day. The $DJI gained 1.24% to 28,009.87. The NASDAQ Composite closed higher to 11,056.65 , up 1.87%. The S&P 500 also had buyers interest to send that index higher by 1.34% to 3383.46. The Russell 2000 had a very strong day, higher by 2.62% to 1537.04.
The InvestorsPrism family of indexes closed mixed. The PRISM Emerging Gene Therapy index had a strong day, closing higher by 5.80%. Syros Pharma (SYRS) led the gainers to close 15.02% higher at $9.99 per share. The PRISM Emerging MedCannabis index moved lower by 0.2%. The PRISM Emerging MedDevices index fell by 1.0%.
Other PRISM indexes closed mixed for the day. The PRISM Emerging MedDiagnostics index lost 0.6%. The PRISM Emerging New Economy index closed higher by 3.9%, and the PRISM Emerging Pet Care & AgriBiz index closed higher by 2.2% in value. The biotech heavy PRISM Emerging Vaccines & Cell Therapy index closed lower by 4.0%.
The top commodities closed mixed at the 4:00pm ET mark. Crude Oil lost a penny to $37.31 per barrel, Gold gained in value and is trading at $1967.40 per oz., and Silver is trending 2% higher to $27.46 per oz.. Bitcoin ($BTC) is trying to stay above the $10,000 support level with the virtual currency trading at $10,697.40 as of 4pm est. The Vix, often referred to as the fear gauge, lost 4.61% to end at $25.63.
*data as of market close at 4pm est on 9/14/20