US stocks turn positive as Covid stimulus talks give hope for a deal

Technical Analysis

Author: Greg Michalowski | stocks

Nasdaq leads the way

The major indices have now all turn positive with the NASDAQ index leading the way. There is some rumblings about the Dems and GOP getting together to speak about Covid relief.  

A snapshot of the markets with a little over an hour left to go in the trading day shows:
  • S&P index up 13.6 points or 0.39% 3581.55
  • NASDAQ index up 103 points or 0.87% 11904.40
  • Dow industrial average up 65 points or 0.22% at 29503.70
Hospitalizations are near 80,000 in the US which is the highest level on record.  The CDC reported 165K new cases and a death toll of 1836 today up from 1602 yesterday. 

With the Thanksgiving holiday approaching and the Christmas season also approaching, the trends for the season are not good. Moreover key stimulus programs are scheduled to lapse at the end of year. All of which points to the need for additional fiscal stimulus.  The good news is that vaccines are around the corner but distribution is still uncertain.
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