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Afternoon Note

Markets Pop

By Charles Payne, CEO & Principal Analyst
11/23/2020 2:13 PM

The market started the week on a positive note. AstraZeneca (AZN) became the third pharmaceutical firm, after Pfizer (PFE) and Moderna (MRNA), to report that showed effectiveness in phase 3 trials. Moreover, the major averages hit their sessions highs after PMI numbers were released (see below).

The Dow is up 250 points, S&P 500 14 points, while Nasdaq is flat. Technology stocks failed to pick up steam, with Facebook (FB) and Apple (AAPL) down 1.7% and 2.6%, respectively.

Energy is the big winner today, while tradition havens are taking it on the chin, particularly health care.  

S&P 500 Index

+0.36%

 

Communication Services XLC

 

-0.09%

Consumer Discretionary XLY

+0.99%

 

Consumer Staples XLP

 

-0.25%

Energy XLE

+5.05%

 

Financials XLF

+1.67%

 

Health Care XLV

 

-0.78%

Industrials XLI

+1.44%

 

Materials XLB

+0.76%

 

Real Estate XLRE

+0.57%

 

Technology XLK

 

-0.02%

Utilities XLU

 

-0.25%

 

That’s a V

US Service PMI rose to 57.7, smashing consensus of 53.

Highlights

-Steepest expansion in output since March 2015.

-Fastest increase in new orders since September 2018.

-Strongest job growth since data collection began October 2009.

-Business Optimism strongest since May 2014.


Comments
That's a V for victory but how soon will Biden turn it into, at best, a W?

George de Tarnowsky on 11/23/2020 4:43:24 PM
The gun tax is the first step toward confiscation. Every totalitarian ADMINISTRATION has disarmed its population as a first step total control. Both the Communists and Fascists use the same tactics throughout history. if they can tax this right, then they can tax you for speaking out or going to church. Be very afraid. Remember that old Jefferson about a big enough government.

bruce toups on 11/23/2020 6:18:20 PM
what the government doesn't know is what they don't know - do not volunteer any info unnecessarily and do what you must to protect yourself, family and freedoms we still have in this great Country of ours.

Georgy S. on 11/23/2020 8:26:54 PM
Notice many of biden's appointments or left over from obama! That worked out well, didn't it? Bengazzi, for an example. Nice info Charles.

Lorin K on 11/24/2020 10:13:25 AM
 

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