November 5, 2020
U.S. equity markets surged yesterday on the outlook that the Congress would remain split as the Democrats held the House and the Republicans held the Senate. This rally happened in the face of having no conclusion in the Presidential election. On the day, the Dow and S&P 500 rallied 367.63 and 74.28 points, or +1.34% and +2.20%, respectively. The tech-heavy NASDAQ surged 430 points, or +3.85%, as the big cap tech stocks posted strong gains.
New COVID infections hit a record high of more than 100,000 as hospitalizations also hit a daily high, according to Johns Hopkins Hospital. AstraZeneca announced this morning that they are likely to have a viable vaccine by years’ end.
Global equites are in rally mode this morning with U.S. stocks up solidly on the day. The NASDAQ is again leading all domestic equities with another strong rally. A very strong showing in Europe with the DAX in Germany and the CAC in France posting nice gains. The Nikkei in Japan surged in overnight.