Technology shares rose on Monday, continuing the 2020 confidence meeting that has brought the market the most profits since March.
On Monday, the Nasdaq Composite Index, which represents many of the largest high-tech stocks in the United States, outperformed its rivals. The core index rose by 1%, bringing annual growth to 39%.
The S&P 500 rose by less than 0.1%, partly driven by the high-tech sector, the only one of the 11 groups of the index on the green list. Dow Jones’ industrial average fell by 33 points or 0.1%, which reversed the rise in the morning to 279 points. S&P and Dow increased by 13% and 5.2% respectively during the year.
All three indications opened with optimism that negotiations on additional tax incentives were underway and that the use of Covid-19 vaccines could help stop the pandemic.
U.S. lawmakers indicated on Sunday that there is a growing willingness to compromise on the most controversial issues that have delayed the adoption of the new coronavirus package in recent months. The Heads of State and Government of both sides have indicated that they could aim for lower levels of expenditure. The investors bet that the agreement will be concluded and that the additional costs will help support the economic recovery.
A nurse in New York City was one of the first to receive a vaccine from Pfizer-BioNTech on Monday morning. The WSJ explains how the most urgent vaccination campaign in America has developed in recent decades. Photo: Mark Lennichan/AP
In the U.S., it’s all about tax policy, says Justin Onuekuzi, head of the multi-asset investment funds department at Legal & General Investment Management. The markets have appreciated some of these measures and believe that this will happen.
Pfizer began shipping Covid 19 vaccine to the U.S. by sending trucks from the Michigan plant. Therefore, there is reason to be optimistic that an increase in the number of infections can be tested in the coming months, thus putting an end to restrictions on social and commercial activities. An end to the blockades would improve the prospects for companies whose activities have been disrupted by the pandemic this year.
The vaccine will give you more confidence in your income for 2021 and 2022 because there is less risk of constipation, Mr. Onuekwusi said. The longer you spend on lower income, the more companies get into trouble because there is no demand for it, and then you get that permanent economic fear.
In the company news,
has agreed to purchase a Boston company for $39 billion in cash and stock. The shares of AstraZeneca fell by approximately 7%.
Injections ofwith Covid-19 vaccine from Pfizer and partner BioNTech can begin as early as Monday throughout the United States.
Pascal Bonniere / Zuma Press
Vaccine manufacturers’ stocks have fluctuated since FDA approval.
The House of Pfizer
The ES was shot Friday. Pfizer declined by about 4%, while
by about 1.3%.
Another thing we keep a close eye on is the mentality of Americans about who should be vaccinated, said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. We have seen this improvement in recent months, as more and more Americans say they will take the vaccine. The full distribution of this vaccine is very important for long-term work.
Horneman said she was also monitoring company closures due to the pandemic in the short term, as some states require restaurants to temporarily stop eating indoors. This will affect some of the economic data that we will see in January and February, she said.
Variety of views
increased by 6% after private equity firm Vista Equity Partners agreed to purchase an educational software company.
On the bond markets, the yield on 10-year US Treasury bills went from 0.892% Friday to 0.926%. Revenues increase as bond prices fall.
Abroad, the pan-continental Stoxx Europe 600 rose by 0.4%.
Investors hope that the UK and the EU will start trading after both sides have agreed to continue negotiations after Sunday. Officials said they were narrowing the differences on a number of points that clouded the negotiations.
The fact that negotiations are underway has left much to be desired on both sides, according to Jane Foley, head of monetary strategy at Rabobank.
Trade in Asia ended in a mixed way. Shanghai’s Chinese composite index rose 0.7%, while Japan’s Nikkei 225 rose 0.3%. South Korean kospi dropped by 0.3%.
Write to Caitlin Ostroff at [email protected] and Amber Burton at [email protected]
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