U.S. Markets Rise as First COVID-19 Vaccine is Administered


The first shot was heard round the world today as the U.K. administered the first government-approved COVID-19 vaccine to a human patient in history (more below). Stocks erased earlier losses to close higher, sending the S&P 500 and the Nasdaq to new record highs. The S&P 500 closed above 3,700 for the first time ever.

This article is an excerpt from our free The Market Sum newsletter. Sign up here to receive it in your inbox daily.

Shares of Pfizer (PFE), the maker of the vaccine administered today, rose 3% on the news, and the recovery rally resumed with oil and energy stocks leading the gains, while homebuilders were among today’s biggest losers. Gold prices were back on the rise as Bitcoin prices fell for the second day in a row. Those two have been alternating between gains and losses for the past month, and the speculation is that Bitcoin’s rise has been at the expense of the precious metal. 

Why We Survey You

I know we ask you to participate in surveys frequently, and you are so generous with your time and thoughtfulness. We do this to better gauge your sentiment and we also do it to share how smart our viewers are with the rest of the world.

Here’s me on TV, talking about you on CNBC and Yahoo Finance today. We are famous! Thanks for participating.

Chart courtesy SentimenTrader.

Has the Smart Money Left the Party?

Sentiment is a tricky thing, especially when it is all leaning in the same direction. You are bullish on U.S. equities, according to our recent survey. So are other individual investors and so are institutional investors. As we’ve said in the past, that can be a contrarian indicator. The Smart Money Index (SMI), popularized by money manager Don Hays, postulates that emotional trading takes place at the beginning of the trading day (as traders react to overnight news events and economic releases) while the “smart money” takes the day to evaluate price action and input their orders before the market closes. That’s sometimes why you see early morning rallies fade into the close. 

As SentimenTrader points out, the “smart money” seems to be sitting much of this recent rally out. Even as stocks ticked at records last week, the SMI was languishing near its lowest level in a year. It’s unusual to see stocks rally so hard and the SMI sell off like it has been. If stocks continue to grind higher, however, the smart money may not seem smart and the wisdom of the crowds may win out.

Image courtesy GettyImages/pool.

First Shot and a Giant Step

Today Coventry U.K. resident Margaret Keenan, seen above, became the first person in the world to receive an authorized COVID-19 vaccine. The 90-year-old British grandmother, who was administered the Pfizer/BioNTech shot, said, “It’s the best early birthday present I could wish for because it means I can finally look forward to spending time with my family and friends in the New Year after being on my own for most of the year.” 

AstraZeneca and Oxford University said today that its vaccine tests on a peer group provided protection against severe COVID-19, although more analysis will be needed to see how well it works in older people, among those at highest risk in the pandemic. 

We are getting closer. Here’s the latest in vaccine developments:





Source link

Recent Articles

European markets head for higher open as investors look to reverse negative slide

LONDON — European stocks are expected to open higher on Wednesday as markets look to reverse a negative slide in the previous trading...

This new gaming laptop is a strange rival for your Steam Deck dollars

If you’re having trouble getting your hands on a Steam Deck, Chinese tech company GPD has a rather oddball solution It’s called the GPD...

Samsung set for bumper Q2 despite smartphone slump

Samsung is expected to post its best second quarter results for four years, despite its lack of immunity from the smartphone industry’s current...

Project Cambria is Meta’s most important VR headset right now

Meta seemingly has high hopes for Project Cambria, with a leaked internal memo saying that the upcoming VR headset is one of Meta’s...

AMD FSR 2.0 mods start to flood in as gamers can’t wait for frame rate boosts

AMD’s FSR 2.0 (FidelityFX Super Resolution) is still relatively fresh to the gaming scene, and hardly in any games at all yet – but...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox

[tdn_block_newsletter_subscribe input_placeholder=”Email address” btn_text=”Subscribe” tds_newsletter2-image=”730″ tds_newsletter2-image_bg_color=”#c3ecff” tds_newsletter3-input_bar_display=”” tds_newsletter4-image=”731″ tds_newsletter4-image_bg_color=”#fffbcf” tds_newsletter4-btn_bg_color=”#f3b700″ tds_newsletter4-check_accent=”#f3b700″ tds_newsletter5-tdicon=”tdc-font-fa tdc-font-fa-envelope-o” tds_newsletter5-btn_bg_color=”#000000″ tds_newsletter5-btn_bg_color_hover=”#4db2ec” tds_newsletter5-check_accent=”#000000″ tds_newsletter6-input_bar_display=”row” tds_newsletter6-btn_bg_color=”#da1414″ tds_newsletter6-check_accent=”#da1414″ tds_newsletter7-image=”732″ tds_newsletter7-btn_bg_color=”#1c69ad” tds_newsletter7-check_accent=”#1c69ad” tds_newsletter7-f_title_font_size=”20″ tds_newsletter7-f_title_font_line_height=”28px” tds_newsletter8-input_bar_display=”row” tds_newsletter8-btn_bg_color=”#00649e” tds_newsletter8-btn_bg_color_hover=”#21709e” tds_newsletter8-check_accent=”#00649e” embedded_form_code=”YWN0aW9uJTNEJTIybGlzdC1tYW5hZ2UuY29tJTJGc3Vic2NyaWJlJTIy” tds_newsletter=”tds_newsletter1″ tds_newsletter3-all_border_width=”2″ tds_newsletter3-all_border_color=”#e6e6e6″ tdc_css=”eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjAiLCJib3JkZXItY29sb3IiOiIjZTZlNmU2IiwiZGlzcGxheSI6IiJ9fQ==” tds_newsletter1-btn_bg_color=”#0d42a2″ tds_newsletter1-f_btn_font_family=”406″ tds_newsletter1-f_btn_font_transform=”uppercase” tds_newsletter1-f_btn_font_weight=”800″ tds_newsletter1-f_btn_font_spacing=”1″ tds_newsletter1-f_input_font_line_height=”eyJhbGwiOiIzIiwicG9ydHJhaXQiOiIyLjYiLCJsYW5kc2NhcGUiOiIyLjgifQ==” tds_newsletter1-f_input_font_family=”406″ tds_newsletter1-f_input_font_size=”eyJhbGwiOiIxMyIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMSIsInBob25lIjoiMTMifQ==” tds_newsletter1-input_bg_color=”#fcfcfc” tds_newsletter1-input_border_size=”0″ tds_newsletter1-f_btn_font_size=”eyJsYW5kc2NhcGUiOiIxMiIsInBvcnRyYWl0IjoiMTEiLCJhbGwiOiIxMyJ9″ content_align_horizontal=”content-horiz-center”]