September 15, 2020

A broad-based rally on Wall Street yesterday saw all three major market stock indices gaining more than 1% and advancing stocks outnumbered declining shares by nearly 5-to-1 on the New York Stock Exchange.  On the day, the Dow surged 327.69 points, or 1.18%.  The S&P 500 and NASDAQ also rallied 42.57 and 203.11 points, or +1.27% and 1.87%, respectively.

Investor sentiment was boosted yesterday by positive news on the development of a COVID vaccine, with AstraZeneca resuming its phase three in the U.K.  Pfizer CEO Albert Bourla said over the weekend the company should be able to present key data from its trial to regulators by the end of October.

Part of this (market) move is from renewed hope for a vaccine,” said Peter Cardillo, chief market economist at Spartan Capital Securities.  “That’s giving the market a ray of hope. September has thus far lived up to its reputation, but I think it’s reversing again,” Cardillo said.

All 11 sectors of the S&P 500 were higher yesterday, with real estate and technology leading the way as they rallied more than 2% each.  Overall, seven of the 11 S&P sectors were up more than 1%.

The global equity markets are getting a boost this morning as technology stocks continue to climb and as China posted its strongest industrial output rebound since the beginning of the year.  On Wall Street, tech stocks are set to lead trading again ahead of Apple’s annual product launch event in Cupertino, CA.