Redwood Capital Management Limited: Stocks rallied mixed with the Dow leading market higher
As tech sell-off continues Nasdaq and S&P 500 both dropped in today’s trading session, but Dow did not follow suit instead outperformed and added another 200+ points gain from yesterday’s bout.
Following the news that a vaccine developed by Pfizer and BioNTech has proven to be more than 90% effective in preventing Covid-19 to those who have not yet been infected by the virus has reigned optimism in most investors, that led Dow’s current highest record.
Gold and crude both rose in today’s session but treasuries fell.
Stocks
– S&P 500 fell short after a day of rallying losing around 5.01 points or is 0.14% lower to 3,545.49.
– The Dow Jones Industrial Average outperformed and is up with 262.23 points or is less than 1% higher to 29,420.20, is higher peak yet to date.
– Nasdaq Composite declined and is 159.93 points down or 1.37% lower to 11,553.86.
– The Stoxx Europe 600 Index is up around 0.9%.
– The MSCI Asia Pacific Index has no visible change in today’s session.
Here are the rest of the movements in the stock market this Tuesday;
Bonds
– The yield on the benchmark 10-year Treasury note has no to little change at 0.96%.
– The 30-year bond rate dropped a bit to 1.745%.
– Britain’s 10-year yield rose about three basis points to 0.401%.
– Germany’s 10-year yield ended up higher with two basis points increase to -0.49%.
Currencies
– US Dollar Currency Index has a slight dropped to 92.717 per dollar.
– The Japanese yen increased a bit with 0.1% gain to 105.30 per dollar.
– The euro has no to little change at $1.1809.
Commodities
– Gold strengthened a bit with 10.40 points increased or is 0.55% higher to $1,877.01 an ounce.
– Silver on the other side declined with 0.04% dropped to $24.19 an ounce.
– West Texas Intermediate crude climbed up around 1.07 points or 2.66% to $41.36 per barrel.
– Brent crude also rose with 1.21 points gain or is 2.85% higher to $43.61 per barrel.
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