On Wednesday, the US market went through an exciting session as all asset classes rose very strongly. Oil, although showing accelerating growth in Europe, still remained up 3.5 percent to $39.
The Dow Jones, however, halved its gains to 1.35 percent, but the S&P-500 rose 2.20 percent, the Nasdaq Composite fell by -3.85 percent to 11,600 points and the Nasdaq-100 was a flat wih rise of 4.4 percent. All that came after ‘GAFAM’ with gains of 5% for Microsoft to 6% for Alphabet and 6.3% for Amazon and then 8.3% for Facebook, though Apple remained weakest with an increase of’just’ 4.1%.
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In conclusion, since mid-March when Wall Street saw a surge of “panic transactions” in FOMO mode, buying programs have been the same more than ever. At the end of October, selling positions were plentiful while a counter-attack went off on Monday, a three-session phase that has been going on. And all 3-week defeatis removed in three sessions.
Contrary to logic, with the materialization of the electoral worst case scenario that could be a near outcome or several ‘weirdies’ at the time of the postal vote count or a direct win to Joe Biden, boosting the trades in the stocks markets.
The United States should plan for a lengthy court battle, but the staff of Joe Biden said it judged the Democratic candidate’s victory, with the tipping of the Michigan and Winsconsin (where a recount was requested) tallies. Wall Street’s gains have multiplied since news surfaced.
Wall Street totally obscures the very weak ADP survey concerning the private sector in the United States in this sense of ‘panic buying’. Just 365,000 jobs were created in October, a number smaller than expected and significantly lower than 650,000 and even more than half, compared to 750,000 jobs created in September.
The Nasdaq was boosted by Netease up 9%, Paypal grew 8.1%, Incyte up 7.4%, Adobe up 7.3%, Zoom up 7.1%, Cadence Concept up 6.5%, Xilinx and Verisign up 6.2%.
