Thanksgiving week began with wins for the major indexes
Stocks began the Thanksgiving-shortened week higher, thanks to more coronavirus vaccine news, this time from AstraZeneca (AZN), who, alongside the University of Oxford, announced their vaccine was up to 90% effective. AstraZeneca is now the third company to reveal efficacy data, bolstering investor sentiment regarding a more steady economic recovery, and leading to jumps in cruise line and airline stocks. In response, the Dow rose 327 points, while the S&P 500 and Nasdaq Composite notched daily wins as well. Big tech stocks fell, however, which kept a lid on gains for the latter.
Continue reading for more on today's market, including:
- A million-dollar buyout couldn't save Merck stock.
- This blue-chip giant soared following an aircraft update.
- Plus, one food manufacturer being bombarded with bear notes; why FIVE looks like a good bet ahead of earnings; and how TIF has fared during the pandemic.
The Dow Jones Industrial Average (DJI - 29,591.27) tacked on 327.8 points, or 1.1%, and 0.7% for the week. Chevron (CVX) topped the list of winner today, gaining 6.2%. Meanwhile, Apple (AAPL) paced the laggards after it lost 3%.
Meanwhile, the S&P 500 Index (SPX - 3,577.59) rose 20.1 points, or 1%, for the day. The Nasdaq Composite (IXIC - 11,880.63) gained 25.7 points, or 0.2% for the day.
Lastly, the Cboe Volatility Index (VIX - 22.66) fell 1 point, or 4.4% for the day.
- Thanksgiving Day usually sees shoppers flood the stores for supreme holiday deals; however, this year things are going to look pretty different. (CNBC)
- Former Secretary of State John Kerry was named as a special presidential envoy for climate by President-elect Joe Biden, after Biden's team released the names of several individuals that will join the incoming administration. (MarketWatch)
- Analyst downgrades did little to help Kellogg stock.
- Five Below stock looks solid with earnings on the horizon.
- Which luxury jewelry retailer has seemingly brushed off the pandemic.
There were no earnings of note today.
Oil Jumps on Another Round of Vaccine News
Oil prices jumped today, after investor sentiment was bolstered by AstraZeneca's positive vaccine trials. Additionally, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) might extend a deal to withhold output, which had a positive impact on black gold. In response, the new front-month contract, January-dated crude, added 64 cents, or 1.5%, to settle at $43.06 a barrel.
Gold prices, meanwhile, fell thanks to upbeat U.S. business activity data, as well as the aforementioned vaccine news. As a result, investors flocked to riskier assets, and December gold fell $36.40, or 1.8%, to settle at $1,837.80 an ounce for the day.