Wall Street starts December in the blue with Joe Biden and Vaccines

Wall Street starts December in the blue with Joe Biden and Vaccines

 

Wall Street indexes closed with gains on Tuesday. The good mood came after the end of November. Information on vaccines and the speech of President-elect Joe Biden about the need for an emergency package and the official confirmation of Janet Yellen as Secretary of the Treasury were also on the radar. In this session, financial and technology actions helped pull the S&P 500.

 

In the end, the Dow Jones rose 0.63% to 29,823 points. The S&P was up 1.13% at 3,662 points. The NASDAQ was up 1.28% at 12,355 points.

 

Biden News - The information on the vaccines also remains encouraging, still under the effects of this Monday's announcement by Moderna to request authorization for emergency use from the United States Food and Drug Administration for its vaccine. The attitude was the same as that of Pfizer, which last week filed the request.

 

Wall Street goes back to the blue with indicators and vaccines

But despite optimism in the stock markets, concern about the pandemic prevails in the United States. Biden News - At the Congressional presentation yesterday, Federal Reserve President Jerome Powell reiterated that economic growth is likely to remain limited "until people are sure that it is OK to re-assemble in a large number of movements."

 

Regarding commodities, oil prices fell with OPEC + allies cancelling the formal meeting and leaving the direction of production unanswered starting next year. The virtual conversations are expected to take place on Thursday.

 

Among the stocks with gains was Tesla, up 3.02%, Johnson & Johnson, up 1.91%, Amazon.com, up 1.64%, Apple, up 3, 08%, and Alphabet, a gain of 2.33%.

 

In the United States, the seasonally adjusted IHS Market Manufacturing Purchasing Managers PMI index posted 56.7 in November, compared to the 53.4 results for October. The enhancement in operating surroundings was the most noted since September 2014, with the PMI headline rising for the seventh consecutive month.

 

Besides, in the USA, monetary activity in the construction region grew in November, with the general economy reaching its seventh consecutive month of growth, say the country's supply executives at the last Manufacturing ISM. The November Manufacturing PMI registered 57.5%, 1.8 percentage points below the October reading of 59.3%.

 

Plus, in the USA, investments expanded by over 1.3% in October, the fifth successive monthly growth, again with the strength of the construction of single-family homes! Biden News - The increase during October for ensuing a rapid upward improvement to 0.5% during September against a previous estimate of a 0.3% gain, the Commerce Department said. It is the biggest increase since a 2.8% jump in January before the coronavirus pandemic practically closed the economy.