DOW JONES PRICE OUTLOOK: STOCKS SURGE TO NEW RECORD HIGHS DRIVEN BY MODERNA VACCINE RESULTSDow Jones worth motion surged througho
DOW JONES PRICE OUTLOOK: STOCKS SURGE TO NEW RECORD HIGHS DRIVEN BY MODERNA VACCINE RESULTS
- Dow Jones worth motion surged throughout Monday’s buying and selling session and closed at a brand new document excessive
- Main inventory indices jumped larger largely in response to Moderna coronavirus vaccine outcomes
- Threat of complacency builds as traders look previous COVID-19 hospitalizations, lockdown measures
The Dow Jones simply notched a recent all-time excessive as shares soared into the shut throughout Monday’s buying and selling session. DJIA superior 1.6% on the day and a contact beneath the psychologically-significant 30,000-price mark. Different common inventory market benchmarks just like the S&P 500 and Russell 2000 additionally printed new information on a closing foundation after gaining 1.2% and a pair of.4% respectively.
The tech-heavy Nasdaq was up 0.6% and stays a laggard month-to-date. Equities pushed larger largely on the again of one other set of encouraging coronavirus vaccine outcomes with Moderna reporting a 94.5% efficacy in stopping the unfold of COVID-19. Whereas optimistic vaccine information supplies traders with purpose to stay upbeat concerning inventory market outlook, there’s a rising danger of complacency over the short-term.
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DJI – DOW JONES PRICE CHART: 2-HOUR TIME FRAME (09 OCT TO 16 NOV 2020)
Chart by @RichDvorakFX created utilizing TradingView
That is contemplating state-implemented coronavirus lockdown measures proceed to mount because the pandemic accelerates and overwhelms well being care methods because of the sheer quantity of COVID-19 associated hospitalizations and deaths. Coronavirus vaccine information provides hope and traders purpose to remain forward-looking, however the near-term risk from extra lockdowns and corresponding discount in financial exercise looms massive. Additionally, the DailyFX Financial Calendar particulars that month-to-month US retail gross sales information is scheduled for launch Tuesday, 17 November at 13:30 GMT, which might spark a bearish market response if the figures disappoint consensus estimates.
| Change in | Longs | Shorts | OI |
| Each day | 14% | 19% | 18% |
| Weekly | -1% | 30% | 19% |
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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