Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Wall Street set to end the week on a high note

% of readers think this story is Fact. Add your two cents.


12:20 pm: Travel stocks propel markets higher

The Dow was up 260 points, 0.9%, to 29,340.7, the Nasdaq Composite was up 64 points, 0.6%, to 11,774.4, and the S&P 500 gained 30 points, 0.8%, to 3,566.9.

Travel stocks continued to ascend on vaccine optimism. United Airlines Holdings Inc (NASDAQ:UAL) gained 5.5% to $38.87, Delta Air Lines Inc (NYSE:DAL) picked up 5.6% to $36.30 and Southwest was up 3.8% to $43.52.

“Dealers are relatively optimistic in the US…” CMC Markets UK analyst David Madden wrote Friday. “Some normality has returned to stocks now that the dust has settled with respect to the possible coronavirus drug story. New York and Chicago looks as if they are in for tougher restrictions, and that could spread to other cities in the near term, and the bullishness from the vaccine story might fade.”

10:30 am: Proactive North America headlines:

Antibe Therapeutics Inc (TSE:ATE) (OTCQB:ATBPF) (FRA:4B7) ends fiscal 2Q with C$22.4M in cash ahead of Phase III trial of lead drug otenaproxesul

Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX) reports record 3Q revenue as earnings soar nearly 200%

Aequus Pharmaceuticals Inc (CVE:AQS) (OTCQB:AQSZF) (FRA:AEQ) announces Anne Stevens is stepping down as chief operating officer

Dyadic International Inc (NASDAQ:DYAI) has powerful COVID-19 initiatives, six new research alliances and strong cash position in 3Q

Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCQB:NSPDF) adds online marketing and SEO specialist, Kris Tarr to its advisory board

Empower Clinic’s Inc (CSE:CBDT) (OTCQB:EPWCF) (FRA:8EC) Kai Medical Laboratory achieves record coronavirus test processing in October

VolitionRx Limited (NYSEAMERICAN:VNRX) ends 3Q with $21M in cash as it prepares to launch Nu.Q Vet Cancer Screening Test

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) reports 3Q results, says on track for year-end production at Red Lake

Willow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) ends 3Q with C$9.1M in cash after successful pilot production of CBG

MegumaGold Corp (CSE:NSAU) (OTCMKTS:NSAUF) poised to merge with Canadian GoldCamps to create premier gold explorer in Atlantic Canada

9.40am: Wall Street starts ahead

As expected, the main Wall Street indices began Friday’s session on the front foot as market sentiment continued to be positive despite rising coronavirus infections across the world.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.66% at 29,272, while the S&P 500 rose 0.69% to 3,561 and the Nasdaq climbed 0.63% to 11,783.

Meanwhile, the latest data from the US producer price index (PPI) showed a 0.5% increase year-on-year, higher than the 0.4% increase that had been expected.

Analysts at Pantheon Macroeconomics said that while overall core PPI was low at 1.1%, it will “likely increase further, given that the three-month annualized rate is 3.8%”.

“But the likelihood of a further Covid hit to spending, especially in the services sector, over the next couple months, means that any upward pressure will be modest”, Pantheon added.

7.55am: Wall Street expected to start higher

Markets in New York are expected to start in the green on Friday, as worries over rising coronavirus cases in the US and Europe failed to dampen enthusiasm on Wall Street.

Spread-betters are predicting the Dow Jones Industrial Average will open up around 200 points, while the S&P 500 is expected to climb 24 points and the Nasdaq to rise 72 points.

Traders seem keen to end the week on a positive note, with global markets having swung wildly after Monday’s vaccine news from Pfizer sent markets soaring amid hopes the pandemic could be entering its end stages.

However, David Madden at CMC Markets said the rebound in sentiment “seems a bit strange” amid rising cases of the virus across multiple countries including the UK, Germany and Italy.

He added: “The health crisis is becoming more of a serious issue in the US too as cities like New York and Chicago could be in for stricter restrictions.”

Though he said the pandemic might not have the same negative impact on equities that it used to, seeing as there has been great progress made with potential vaccines.

Four things to watch for on Friday:

  • Share price reaction from Walt Disney Co (NYSE:DIS) after the entertainment giant suffered a loss for its fourth quarter that was less bad than feared alongside stronger than expected growth in its Disney+ streaming service
  • Shares in Cisco Systems Inc (NASDAQ:CSCO) will also be in focus after the video conferencing firm beat estimates for its first quarter
  • The US PPI for October may attract some attention in the macro calendar for some clarity on the US economy. The figure is set to show a 0.2% increase in producer prices for the month, slowing from a 0.4% increase in September
  • Michigan inflation expectations and consumer sentiment may also draw the eye of those monitoring macro data, although few fireworks are expected

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/933924/wall-street-set-to-end-the-week-on-a-high-note-933924.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.