U.S. stocks were all fired up at its most recent trading session, amid high hopes on U.S President-Elect, Joe Biden’s smooth transition to power and its top pick for the post of U.S treasury, Janet Yellen, saw investors buying at record levels, leading the Dow 30 to reach its all-time high.
- A significant number of gains were seen in the Basic Materials, Oil & Gas, and Financial sectors.
- At the close of trading at the New York Stock Exchange, the Dow Jones Industrial Average surged by 1.55% to hit a new all-time high, while the S&P 500 index gained 1.63%, and the NASDAQ Composite index added 1.32%.
- The best performers of the session on the Dow Jones Industrial Average were Chevron Corp, which rose 4.92% or 4.48 points to trade at 95.51 at the close.
- Meanwhile, JPMorgan Chase & Co (NYSE: JPM) added 4.28% or 5.05 points to end at 122.92 and American Express Company was up 3.88% or 4.51 points to 120.60 in late trade.
What they are saying
Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, hinted at key fundamentals presently pushing U.S stocks to record high:
“The Dow Jones index hit a symbolic milestone overnight, breaking through the 30,000 level. Market sentiment remains underpinned by the trio of successful vaccine trials announced in recent weeks, as well as, by the U.S. President’s decision after the close on Tuesday to co-operate with a transition of power to President-elect Joe Biden.
“Thanks to the multiple vaccines in the pipeline. ‘Joy to the World’ is ringing in earlier than expected as global investors are elated by the vaccine news.”
What this means
Janet L. Yellen, a highly respected Economist, has been tipped to become the first female Treasury Secretary. This has apparently excited investors based on her impeccable records leading the U.S Federal Reserve, some years ago.
Stock traders are simultaneously reveling in the drop in political existential risk premium now knowing the finishing touches on the U.S. election process will not devolve in mobocracy, as the U.S. General Services Administration acknowledged that Joe Biden can start his formal transition to the White House.
Nigerian stock market soars as UNITYBNK and JAPAULGOLD plummet
The All-Share Index increased by +0.29% to close at 39,312.74 from 39,198.75.
The Nigerian stock market maintained a bullish recovery as the trading session began this week. This surge was bolstered by gains made by UBN and AFRIPRUD amongst others. The All-Share Index increased by +0.29% to close at 39,312.74 from 39,198.75.
- The Nigerian stock exchange market value currently stands at N20.44 trillion. Its Year-to-Date (YTD) returns currently stand at -2.38%.
- The market breadth closed positive with the bulls as REGALINS led 28 Gainers and UNITYBNK topped the chart of 15 Losers showing a hint of consolation.
1. REGALINS up +9.68% to close at N0.34
2. ABCTRANS up +9.68% to close at N0.34
3. UBN up +9.26% to close at N5.90
4. LINKASSURE up +8.70% to close at N0.75
5. MBENEFIT up +8.11% to close at N0.40
1. UNITYBNK down -8.33% to close at N0.55
2. JAPAULGOLD down -6.67% to close at N0.56
3. NEIMETH down -6.04% to close at N1.71
4. FLOURMILL down -4.84% to close at N29.50
5. NAHCO down -4.55% to close at N2.10
The stock market maintained the recovery as Union bank and LINKASSURE made an appearance for the second consecutive time, pushing the NGX ASI upwards at the end of the trading session today.
- Market sentiments were bullish as the NGX ASI closed with 28 Gainers and 15 Losers.
- Nairametrics advises cautious buying in this era of growing uncertainties.
Dow hits all-time high as energy stocks surge
The DOW gained 7.5 points, or 0.02%, to open at 34785.27 Index points.
At the opening bell, the Dow Jones Industrial Index (DOW) hit an all-time high as the commodity and energy markets are bullish.
The DOW gained 7.5 points, or 0.02%, to open at 34785.27 index points. The S&P 500 fell 4.3 points, or 0.10%, to open at 4228.29, while the Nasdaq Composite dropped 64.6 points or 0.47% to open at 13687.595.
This represents an optimism that interest rates would remain lower for longer, while a surge in commodity prices lifted shares of miners, energy and steel companies.
More details soon…
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.
- MTN Nigeria issues a 7-Year Series 1 bond worth N110 billion.
- Caverton Offshore Support Group reports profit after tax of N520 million in Q1 2021.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.