Monday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite fell on Monday.
- The Dow Jones Industrial Average fell 271.73 or 0.91 percent, to close at 29,638.64.
- The S&P 500 fell 0.46 percent to close at 3,621.63.
- The Nasdaq Composite gained 0.06 percent to close at 12,198.74.
However, all three indexes posted massive gains in November.
- The Dow gained 11.9 percent in November, its best month since 1987.
- The S&P 500 gained 10.7 percent in November.
- The Nasdaq gained 11.9 percent in November.
"Vaccine news has further buoyed spirits with several therapeutic/preventative lights now at the end of the pandemic tunnel being another set of positive data points,” wrote Tobias Levkovich, chief U.S. equity strategist at Citi. The market is either “anticipating an even stronger 2021 profits outlook possibly tied to rapid inoculation-driven recovery and continued corporate cost containment, or the S&P 500 may be ahead of itself in the near term, particularly when considering no new short-term fiscal stimulus and the impact of second wave outbreaks,”
On Tuesday keep an eye out for:
- ISM Manufacturing PMI
- Jerome Powell is testifying
- Salesforce, Hewlett Packard Enterprise Co., and NetApp Inc. are reporting earnings.