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Dow Soars More Than 1% to Begin Thanksgiving Week

By Zacks Investment ResearchStock MarketsNov 23, 2020 09:15PM ET
Dow Soars More Than 1% to Begin Thanksgiving Week
By Zacks Investment Research   |  Nov 23, 2020 09:15PM ET
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Returning from its first selloff of November, the market kicked off a holiday-shortened week with a solid session sparked by more vaccine goodness and some solid economic data.

There were no all-time highs like last Monday, but the Dow did jump more than 1% after AstraZeneca (NASDAQ:AZN) and the University of Oxford said its vaccine candidate was 70% effective on average.

Furthermore, it was up to 90% effective for patients receiving a specific dosing procedure. This marks three straight weeks of strong vaccine data, following treatments with approximately 95% efficacy from Pfizer (NYSE:PFE, -0.49%)/BioNTech and Moderna (NASDAQ:MRNA, +3.5%) each.

The market was a bit critical of AZN today, which explains why the stock slipped nearly 1.1%. Nonetheless, the news was more than enough to keep investor attention on the vaccines instead of the rising number of cases.

As a result, the Dow jumped nearly 328 points to 29,591.27, while the S&P rose 0.56% to 3577.59.

These indices were at all-time highs last Monday, but finished the week with losses of 0.7% and 0.8%, respectively, as the market couldn’t shake concerns of new infections. It was their first weekly losses for November, though the month remains solidly on positive ground with less than five sessions left.

The money flowed back into recovery names today, bringing strong performances for the likes of airlines, cruise ships, leisure, etc.

The NASDAQ underperformed its counterparts but still rose 0.22% (or about 25 points) to 11,880.63. The index did well even though all of the FAANGs finished lower, including declines of well over 2% for Apple (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX).

Also helping things along on Monday was strong economic data from IHS Markit. Their manufacturing index moved up to 56.7, while services advanced to 57.7.

In addition to being above 50 (expansion), these numbers easily beat expectations and the previous month’s results.

It was a nice confidence booster for a market that’s really worried about the economy right now as parts of the country re-establish restrictions as cases rise.

Today's Portfolio Highlights:

Blockchain Innovators: Not only was Alpha and Omega Semiconductor (NASDAQ:AOSL) the best-performing stock of the day with a surge of 15.9%, but it’s the biggest winner over the past month as well. The stock has jumped 50.4% in the last 30 days and is now up approximately 80.5% in the portfolio since being added on August 31st. By the way, Agilysys (NASDAQ:AGYS) is also among the biggest gainers in the past month with a rise of about 43.7%.

TAZR Trader: Though only in the portfolio for a few days, BigCommerce (BIGC) already made the top performers list with an 11.5% jump on Monday. Kevin added this software-as-a-service e-commerce platform last Thursday as a much cheaper version of Shopify (NYSE:SHOP). The company recently reported a solid quarter and is now also up more than 11% in the service.

Until Tomorrow,
Jim Giaquinto

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Dow Soars More Than 1% to Begin Thanksgiving Week

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Dow Soars More Than 1% to Begin Thanksgiving Week

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