FUTURESCOIN IS GOING GLOBAL
U.S. stocks rose on Monday after preliminary coronavirus vaccine data from Moderna further lifted expectations of a strong economic recovery.
The Dow gained 470.63 points, or 1.6%, to close at 29,950.44. The 30-stock Dow logged intraday and closing record highs. The S&P 500 climbed 1.2% to 3,626.91, posting an all-time closing high. The Nasdaq Composite advanced 0.8% to 11,924.13.
Tesla shares jumped more than 13% in after-hours trading after S&P Dow Jones Indices said the electric car maker would join the S&P 500 index, effective Dec.21.
Stocks that would benefit from the economy reopening led the way higher. United Airlines was up 5.2%, and Carnival closed 9.7% higher. Bank stocks such as Citigroup and Wells Fargo gained more than 3% each and JPMorgan Chase advanced 2.8%. Moderna shares jumped 9.5% on the day.
Shares of companies that have thrived during the pandemic as people spend more time at home lagged the boarder market. Netflix slid 0.8%. Amazon shares closed flat.
Plan A : Short if market failed to support above 3593. Targets are 3569, 3541 and 3515.
Plan B : Long if market doesn't retrace much and supported firm above 3593. Targets are 3607, 3623 and 3646.
U.S. stock futures were in negative territory on Monday night after two of the three major market benchmarks closed at record levels.
Earlier in the day, the Dow and S&P 500 posted all-time closing highs. The Dow also notched an intraday record. Those gains came after Moderna released trial data showing its coronavirus vaccine was more than 94% effective, further raising expectations of a sharp economic recovery.
That marked the second positive announcement related to a coronavirus vaccine in a week. Pfizer and BioNTech said Nov. 9 that their Covid-19 vaccine candidate was more than 90% effective among participants in a late-stage trial.
The recent outperformance in value stocks comes even as the number of coronavirus cases continues to increase, dampening the country’s near-term economic outlook.
More than 1 million cases were confirmed in less than a week in the U.S., bring the country’s total to more than 11 million, according to data from Johns Hopkins University. Data from The Covid Tracking Project also showed U.S. coronavirus-related hospitalizations have risen to nearly 70,000.
Plan A : Short if market failed to support above 11979. Targets are 11941, 11897 and 11852.
Plan B : Long if market doesn't retrace much and supported firm above 11979. Targets are 12005, 12038 and 12076.
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