Tuesday 10 November 2020

The Vaccine Rally. 2019 Returns Not.

 Baltic Dry Index. 1207 +11  Brent Crude 42.06

Spot Gold 1881 

Coronavirus Cases 10/11/20 World 51,014,440

Deaths 1,265,408

There's many a slip 'twixt the cup and the lip 

Yesterday, it was all about a relief vaccine rally in nearly all stocks. “We’re saved! Buy everything. 2019 boom times will be back before you know it,” said the stock promoters and fast buck merchants.

Gamblers dumped commodities to try to get their share of stocks before there were no stocks left. 

Cruise lines, airlines, hospitality shares soared. What could possibly go wrong?

Get your free money from casino gambling now! 

Well maybe.

But, yet again it’s “science” released by one sided press release, not yet peer reviewed, nor a finalised vaccine trial with long term follow up. 

Hopefully, the German funded vaccine will live up to its press release, and we will all live happily ever after.

Dow surges more than 800 points in biggest rally in 5 months after positive Pfizer vaccine news

The Dow Jones Industrial Average and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. Shares of airlines and other travel-related stocks posted the biggest gains.

The 30-stock Dow closed 834.57 points higher, or 2.95%, to close at 29,157.97 for its biggest one-day gain since June 5. The average hit an all-time high earlier in the session, rising nearly 5.7%, or more than 1,600 points at one point. The S&P 500 popped 1.2% to 3,550.50 and also reached an intraday all-time high. The small-cap Russell 2000 index gained 3.7%. However, the Nasdaq Composite closed lower by 1.5% at 11,713.78 as traders rotated out of high-flying technology names that outperformed during the pandemic into more beaten-down value stocks.

Those losses in Big Tech weighed on the broader market as the session went on, leading the Dow and S&P 500 to close well below their highs of the day.

The vaccine announcement was seen on Wall Street as a sign that the pharmaceutical industry may soon have a viable way to control a disease that has derailed the U.S. economy for much of 2020 and has killed more than 230,000 Americans.

More

https://www.cnbc.com/2020/11/08/election-stock-market-futures-open-to-close-news.htmlv

Asian stocks rally as investors applaud vaccine development

November 10, 2020

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