The Nasdaq Complex (COMP)
was the strongest player, rally 3.2% in the middle of the afternoon.
The Daou (UNDUE)
was 1.1%, or 300 points, and S&P 500 (SPX)
All three benchmarks are once again approaching the recording area. The Nasdaq and S&P 500 have been gaining ground since early September, with the Dow’s latest record set in pre-pandemic times.
Its shares apple (AAPL)
was among the top performers in both indexes. The tech giant has been designed will announce its new iPhone on Tuesday
after weeks of pandemic-related delays. Apple stock traded almost 7% higher.
Meanwhile, shares of software company Nasdaq Twilio (TWLO)
gathered more almost 8% after the announcement of the company intends to purchase a data startup segment for $ 3.2 billion
Software inventories seem to be moving away from the way they dominated technology inventories in September, said Paul Hickey of Bespoke, and Monday’s rally is proof of that.
Otherwise, the Columbus Day holiday on Monday meant a quieter day in terms of financial news, but the third quarter profit season is very close. The season begins with America’s big banks, including Citigroup (do)
and JPMorgan (JPM)
begins to be reported on Tuesday.
Analysts at Goldman Sachs (GS)
We believe profits will paint an unequal picture of corporate America as some companies recover from a disastrous second quarter while others continue to struggle.
Apart from the gains, the elections are fast approaching and there are only three weeks left.
“Investors are focusing on the implications of a Blue Wave election, as the chance of a democratic scan has risen to 60% from 47% a month ago,” analysts said in a note to clients.
Investors should also watch headlines from Washington where The Trump administration made a counter-incentive to Democrats last week
. Stocks are likely to pool with a stimulus deal, but so far, after months of negotiations, all we have is volatility.
There are many moving parts, but the most important factor for stocks is still the course of the virus and the possible vaccine, Goldman analysts said.
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