Stock Market Today: Stocks Soar Amid Trump's COVID Treatment - Here's Why
Wall Street on Monday tried to digest multiple aspects of President Donald Trump's fight against COVID, including what it means for the country's pandemic battle and stimulus hopes.
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The stock market jumped today at the outset of a new trading week amid a host of speculation about the impact of President Donald Trump’s COVID-19 treatment on America's broader fight against the pandemic, as well as a fresh rescue bill.
Experts conjectured Monday that certain areas of the country might start to take pandemic prevention measures (such as mask-wearing) more seriously, which could stifle COVID's spread and help out the economy.
Also, Invesco chief global markets strategist Kristina Hooper also said an acknowledgement of the virus’s severity by Senate Republicans could lead to greater stimulus spending. Trump, who is scheduled to leave the hospital this evening, even tweeted over the weekend support for another round of stimulus.
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The markets responded today with broad gains – the Dow Jones Industrial Average jumped 1.7% to 28,148, while the tech-heavy Nasdaq Composite shot 2.3% higher to 11,332. Both were helped by strong gains in the likes of Apple (AAPL, +3.1%) and Microsoft (MSFT, +2.0%).
Other action in the stock market today:
- The S&P 500 gained 1.8% to 3,408.
- The small-cap Russell 2000 rocketed 2.8% higher to 1,581.
- Regeneron (REGN) gained 7.1% after the president received the experimental antibody cocktail REGN-COV2.
- Beyond Meat (BYND) continued a torrid 2020 rally, gaining 5.6% to bring its year-to-date gains to 132%.
Don't Be Too Scared of Uncertainty
The market clearly looks eager to rip on any signs of optimism or, heck, even stability.
Naturally, that's why the upcoming elections have factored into stocks’ volatility, and likely will continue to do so. Not only are investors unsure of the outcome, and whether they’ll be better off in “Trump stocks” or “Biden stocks,” but they’ve been given reason to fear extended uncertainty if the election is contested.
But Burt White, chief investment officer for LPL Financial, says investors should look ahead.
“Despite the possibility of some market disruption, we believe the stock market will be forward-looking and see past the period of uncertainty. While there is a fair chance that the election result may be delayed slightly, we expect the strength of our political institutions to prevail, for the election outcome to be determined fairly, and for a timely transition of power.”
Investors in growth stocks should be particularly mindful of this, as their investments could be nauseatingly bumpy in the short run – but what matters is your picks’ ability to follow through on their long-term promise.
Consider semiconductor stocks, for instance. Their underlying companies are broadly enjoying massive growth as computer chips become an increasingly important part of daily life, and they’re likely to enjoy continued growth for years to come. As long as you have the stomach for cyclical declines and occasional broad-market shocks, these 13 semiconductor stocks could serve you well.
Kyle Woodley was long AAPL and MSFT as of this writing.
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