Friday's Market Recap - Another Solid Day Of Gains Based On Fiscal Stimulus Optimism.
What is The Premarket Telling Us?
US stock futures are inconclusive at this hour, two and a half-hour before the start of trading. Asian market ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.91%, down 0.04%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.34
Crude Oil:
WTI crude oil futures
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
Major Asian markets ended mixed. Japan (Nikkei 225) down 0.22%, Shanghai up 0.07%, Hong Kong (Hang Seng) up 0.40%
Major European markets closed higher today. German (DAX) up 0.35%, France CAC 40 up 0.62%, London FTSE 100 up 0.92%
Market And Sector Dynamics
Markets opened modestly higher to start trading on Friday, with the Dow up 20 points, Nasdaq up 22 points, and the S&P gained 4 points.
Stocks soared higher as the session progressed as optimism for additional fiscal stimulus seemed like a real possibility after news that House Speaker, Nancy Pelosi had Senate Leader, Mitch McConnel were rumoured to have spoken, for the first time in months. Markets steadily gained momentum as the session continued, with the Dow finishing at the intraday high.
Today's rally was very positive and broad-based, with nine of the eleven S&P sectors ending the session with gains, led by Energy, Basic Materials, Real Estate, Industrials, Financials, Healthcare, Technology, Consumer Staples, and Communication Services. Utilities and Consumer Discretionary were the laggards today.
Factors Influencing Today's Market
Optimism as the Pfizer vaccines has been approved in Britain, with vaccinations scheduled to start in that country early next week.
Optimism here in the US that new fiscal stimulus negotiation coud be possible before the new administration takes office.
US 10 Year Bond Yield closed at 0.973%, up 6.73%.
WTI crude oil closed today at $46.26/barrel, up 1.36%.
This week's Baker Hughes US Oil Rig count increased by 5 rigs to 246 rigs.
Market Close Volume Traded And Advance Decline Ratio
The bulls enjoyed a nice day of gains in today's session. The Dow gained 248.74 points, Nasdaq gained 87.05 points, and the S&P gained 32.40 points. Total NYSE volume traded, a modest 5.14 billion shares. Advancing shares outpaced Declining shares by 3.68:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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