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Did you really believe this market would have two losing days in a row? Think again. I’d like to think of the current state of the NYSE as the 2017 New York Yankees. Going into that season, there were no expectations for the rebuilding team. Just to simply exist, with a few more losses than wins. Think back to March, when everything seemed to be going downhill. Analysts were projecting a massive amount of turbulence and turmoil in the market that would last for years. They did not expect things to go the way they have. Yet, just like the 2017 New York Yankees, this market has proven analysts wrong, crushing record openings/closes during a pandemic.
While that is taken care of, why don’t we discuss how the market has performed as of late? Though the NASDAQ closed at a record high yesterday, the other two major indexes closed lower due to rising fears of a second shutdown, and COVID numbers spiking. Well, things changed today. The Dow Jones Industrial Average closed at 30,173.88 gaining 104.09 points, or +0.35%. The S&P 500 notched a nice record high today, as it saw a gain of 10.29 points, or +0.29%, leading the index to a close of 3,702.25. The NASDAQ didn’t slow down. Fresh off its record close yesterday, the index performed very well gaining 62.83 points, or +0.50%, with a close of 12,582.77.
Photo: Roberto Junior
What is the reasoning behind the recent success of the market? Well, today we saw some huge news on the vaccine front, which subsequently pushed markets higher to the close. Pfizer’s vaccine had been granted emergency use as soon as next week, though participants complained of “intense symptoms” subsequently after the second shot. Pfzier, $PFE, was up +3.18% to close the day, and is currently notching an after hours gain of +1.03%. Though participants warned about intensity in symptoms after the second shot, the FDA has claimed the drug is safe for use, stating there are “no specific safety concerns…”(CNBC). Another big winner today in the market was Moderna. Moderna, $MRNA, closed up +6.48% today, outperforming the market.
Each day seems to be bringing more and more positive news on the vaccination front. We will see what tomorrow brings for the market, but with every bit of vaccine news, understand it will only get better from here. The market has been showing us this with it’s reaction to each bit of news.