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By Alex
Eule | Wednesday, November 25 Wall
Street's Blessing. It has been a
difficult year to write a newsletter largely focused on stocks. As so
much of the world has suffered, the U.S. stock market has found a way to
thrive. We've frequently written about the disconnect between Wall Street and
Main Street -- a topic that deserves several chapters in the eventual
histories of Covid-19. This
morning, we learned that another 778,000 Americans had filed new
unemployment claims in the last week. A year ago, the number was
211,000. Despite the
second consecutive rise in jobless claims, the Nasdaq
Composite was up 0.5%. It was the
44th record close of the year for the Nasdaq. As it has
done so many times in 2020, the tech-heavy Nasdaq picked up the slack,
even as the other major indexes fell. The Dow
Jones Industrial Average lost 174 points, or 0.6%, one day after
hitting the 30,000 level, while the S&P
500 slipped 0.2%. Gorilla
Trades strategist Ken Berman offers
one reason to be thankful, at least for those that own
stocks: "Today’s session proved that the foundation of the rally is
solid, as thanks to the Nasdaq’s rally, all of the large-cap benchmarks will
spend Thanksgiving Day within 1% of their record highs." (More on this
below.) But the
best reason to be thankful is that by this time next year, much of the
world should be vaccinated against this terrible virus. For now, stay safe
and have a Happy Thanksgiving. We'll be off tomorrow and back Friday,
when stock markets are open for a half day of trading. |
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DJIA: -0.58% to 29,872.47 The Hot
Stock: Etsy +5.4% Best Sector:
Utilities +0.3% |
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