Jakarta, CNBC Indonesia – Stock exchanges in the United States (US) opened higher in trading Friday (11/13/2020), as investors again bet that the economy will recover more quickly so they are hunting for cyclical stocks that had dropped due to the pandemic.
The Dow Jones Industrial Average jumped 208.4 points (+ 0.7%) at 8:30 a.m. local time (9:30 p.m. EST) and a 12-minute interval increased to 220.6 points (+ 0.76%) to 29,300.76 . The S&P 500 index grew 28.3 points (+ 0.8%) to 3,565.28 and the Nasdaq rose 101.8 points (+ 0.87%) to 11,811.38.
Disney shares shot up 4% after announcing 73 million paying subscribers for the service streamingher, Disney +. The entertainment media giant also reported a thinner-than-expected third-quarter 2020 loss.
Other stocks that rose were shares in the air transport sector. Meanwhile, Cisco shares jumped more than 6% thanks to strong net profit and revenue in the third quarter of 2020.
“This week’s positive vaccine is in our view a game changer, as it allows the market to monitor the recent spike in Covid-19 cases towards the end of the pandemic in time and to reopen the economy more broadly,” wrote Marko Kolanovic, Head of Macro Quantitative Planning and JPMorgan derivatives as cited CNBC International.
Earlier on Thursday, the Dow Jones closed down 300 points, while the S&P 500 fell 1%, due to the increase in Covid-19 infections. According to the analysis CNBC International, new cases of Corona rose 5% in the past week in 47 US regions.
Meanwhile, patient numbers are increasing in 46 states. As a result, Chicago Mayor Lori Lightfoot asked residents to cancel Thanksgiving and stay at home. In New York, Governor Andrew Cuomo restricted bars, restaurants and gyms starting Friday.
Phillip Colmar, analyst at MRB Partners, in his research report assessed that the global economic recovery “will persist, but the V is over, and we are already transitioning to a lower rate of recovery that is two steps forward and one step back.”
CNBC INDONESIA RESEARCH TEAM
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