October 20 Market Update
The S&P 500 gained 0.67 percent in midday trading in New York, rising to 3,445. The NASDAQ climbed 68 points to 11,547 and the Dow Jones climbed 160 points to 28,355.
Equities rose as hopes grew for a new fiscal stimulus package before Election Day amid Congressional negotiations.
Markets fell broadly yesterday as pandemic-driven stimulus talks appeared to have stalled. Markets continue to be skittish as the presidential election approaches.
Shares of Moderna rose 2.4 percent after it indicated that its coronavirus vaccine could be authorized in December if the company gets positive news next month from its clinical trial.
The Department of Justice brought an anti-trust suit against Google, accusing the search giant of anti-competitive conduct.
The U.S. reported more than 64,000 new COVID-19 cases today, a spike of more than 34 percent since two weeks ago.
Goldman Sachs will pay $2.8 billion to settle charges of wrongdoing related to its involvement with 1MDB, the corrupt Malaysian sovereign wealth fund.
Yields on 10-year Treasury notes moved higher to 0.791%.
The VIX index, the market’s “fear gauge,” fell 0.3 percent to 28.9.
Any opinions are those of Burke Koonce and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Burke Koonce is a financial advisor at Raymond James & Associates, Inc., member New York Stock Exchange, member SIPC. www.raymondjames.com/burkekoonce