A bevy of positive headlines didn’t get stocks to the moon, but they at least managed to end the losing streaks on some of the major indices.
On the COVID-19 vaccine front, Pfizer (PFE, + 3.9%) revealed a timeline in which FDA emergency approval could be requested by the end of November. While this is slower than the election day schedule advertised by President Donald Trump, it would qualify as an extremely fast development of a successful vaccine.
The economic data also gave hope. US retail sales rose 1.9% m / m, well above economists’ estimates.
“Although unemployment benefits are running out for millions of Americans, today’s retail sales figure shows that there is still some gasoline in the tank for the consumer,” said Charlie Ripley, senior investment strategist at Allianz Investment Management, although it is not all positive. “Overall retail sales are well above pre-pandemic levels. However, if you dig deeper into the underlying data, companies that are hardest hit continue to have problems.”
A preliminary consumer sentiment rating from the University of Michigan also rose, largely due to optimism about improving conditions in 2021.
The Dow Jones industry average didn’t gain much, but the 0.4% improvement to 28,606 was enough to trigger a three-day losing streak.
Other actions on the stock market today:
The S&P 500 also grabbed a three-day skid, albeit with a wafer-thin half-point gain to 3,483.
The Nasdaq Composite closed 0.4% lower at 11,671.
The Russell 2000 decreased by 0.3% to 1,633.
The case for the occasional moon shot
Does it feel like your portfolio is in trouble? It’s not just you.
Shares have broadly rallied through 2020 and successfully exited bear market area at record pace, but the indices have been virtually unchanged since early September amid political and medical uncertainty.
But remember: that doesn’t mean all Stock levels are flat.
Most portfolios can get by with a low allocation towards aggressive games that shoot higher even with sluggish indices. Sports betting stocksFor example, this could be an intriguing game – they are at risk of further COVID-related shutdowns, but if not, they could take advantage of record-breaking dollars being played across multiple states.
If you’re more into politics than sports, you can always invest in stocks that analysts think will rise depending on who gets elected president in November – here we go 10 stocks that would do well under Joe Biden, and 10 different tips for another four years from President Donald Trump.
And it’s hard to outperform small cap tech for pure growth potential. Yes, we mentioned that yesterday Goldman is cooling the sector In the short term, but a group of smaller games is well positioned in trending technologies to outperform several years. Here we look at each other seven small-cap tech stocks that have strong upside that is hard to ignore.