AllMarket Update
logoArgusNovember 24, 2020

Market Update: BKNG, APD, ETR, TGNA, LB, PEG, TJX

Communication Services, Utilities, Basic Materials, Consumer Cyclical

Stocks rose strongly on Tuesday morning on continued coronavirus vaccine optimism and reduced post-election uncertainty, after the head of the General Services Administration approved the start of the formal transition to the Biden administration. The President-elect also continued to name new cabinet officers, including former Federal Reserve Chair Janet Yellen as Treasury Secretary. On the economic front, the Conference Board said that its consumer confidence index dropped to 96.1 in November, down from 101.4 in October and below the Reuters consensus forecast of 98. The Dow rose 1.7%, the S&P 1.6%, and the Nasdaq 1.0%. Crude oil traded near $45 per barrel, while gold fell $35 to $1803 per ounce.

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