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Stocks Climb With Small Caps Set for All-Time High: Markets Wrap

(Bloomberg) — Stocks rebounded Friday as the rotation to economically-sensitive industries regained momentum even with a surge in coronavirus cases that could lead to more restrictions and crimp growth.All major groups in the S&P 500 rose, led by energy, industrial and financial companies. The Russell 2000 Index of small caps rallied toward a record, while the tech-heavy Nasdaq 100 underperformed amid losses in Apple Inc., Amazon.com Inc. and stay-at-home winner Zoom Video Communications Inc. Walt Disney Co. jumped on solid results, and Cisco Systems Inc. climbed after upbeat sales projections. Tesla Inc., whose Chief Executive Officer Elon Musk tweeted he may have Covid-19, sank. DoorDash Inc., the biggest U.S. food delivery platform, filed for an initial public offering. Two news networks have projected that Joe Biden will win the presidential election in Georgia and President Donald Trump will win North Carolina, the last two state races to be called.Read: Stock Rotation Upended by Reopen Versus Stay-at-Home DebateThe risk-on mood fueled a rotation into value and cyclical sectors, whereas technology and other more defensive industries underperformed. Stock funds attracted a record amount after positive results for a coronavirus vaccine, adding $44.5 billion in the week through Nov. 11, according to Bank of America Corp. and EPFR Global data. While latest figures on Covid-19 continued to fuel concern, with the surge in U.S. infections now spread to 49 states, the S&P 500 traded near a two-month high and was up for a second week.“You have this push-pull,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “As people become more optimistic, you get the recovery in the more cyclical sectors, and then as the optimism wanes a bit, you go back into the tech stocks.”New York’s daily Covid-19 cases exceeded 5,000, the highest for the state since April, as New York City Mayor Bill de Blasio warned parents to prepare for city schools to halt in-person classes as soon as Monday. California, Oregon and Washington state urged arriving people to self-quarantine, while Illinois reported a record number of daily infections and hospitalizations, a day after Chicago announced a stay-home advisory. President Trump plans to deliver an update on Operation Warp Speed, the program to accelerate the development of a vaccine, at 4 p.m. Washington time.Federal Reserve Bank of St. Louis President James Bullard and New York head John Williams both voiced concerns about the economic impact of the pandemic, echoing previous comments from Fed Chairman Jerome Powell. U.S. consumer sentiment unexpectedly declined in early November as an increase in Covid-19 infections and the election prompted Americans to reassess their outlooks. Meanwhile, a key measure of prices paid to U.S. producers decelerated in October, consistent with a pandemic that continues to limit pricing power.U.S. stocks are poised for “a digestion period,” according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. He cited the S&P 500’s track record since 1990 after days when more than 60% of its component stocks reached 20-day highs, as they did Monday. There were 25 instances mentioned in a report Thursday. A month later, the S&P 500 was unchanged on average. Gains were posted over three-, six- and 12 months, with the latter period bringing an average increase of 12.5%.These are some of the main moves in markets:StocksThe S&P 500 gained 1.2% as of 3:14 p.m. New York time.The Stoxx Europe 600 Index was little changed.The MSCI Asia Pacific Index climbed 0.1%.CurrenciesThe Bloomberg Dollar Spot Index declined 0.4%.The euro advanced 0.2% to $1.1833.The Japanese yen appreciated 0.5% to 104.60 per dollar.BondsThe yield on 10-year Treasuries advanced one basis point to 0.89%.Germany’s 10-year yield dipped one basis point to -0.55%.Britain’s 10-year yield decreased one basis point to 0.338%.CommoditiesThe Bloomberg Commodity Index was little changed.West Texas Intermediate crude fell 2.2% to $40.22 a barrel.Gold rose 0.4% to $1,885 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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