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A28 u.s. news
Diaranson 11 november 2020

Global rally slows, but optimism over vaccine remains high

(AP) — The big rally for tors on Tuesday that accuse it vaccine. While early results
markets worldwide is of using its access to data to are encouraging, no vaccine
slowing on Tuesday, but gain an unfair advantage over is about to go on the market,
optimism remains high merchants using its platform. and there’s no guarantee that
that the global economy Microsoft fell 3.6%, and one will or the timing of it.
may still be on track for a Facebook lost 3.2%. Those Coronavirus counts, mean-
return to normal. drops have outsized effects while, continue to surge at
on the S&P 500 because worrying rates across Europe
It’s the second straight day they're some of the largest and the United States. It’s
that rising hopes for a CO- companies in the index by troubling enough in Europe
VID-19 vaccine have inves- market value. that several governments
tors reordering which stocks The S&P 500 is already up have brought back restric-
they see winning and losing, more than 8% in November tions on businesses.
and the shifts are leaving U.S. so far. Not only are hopes for
stock indexes mixed in after- a coronavirus vaccine helping And uncertainty could eas-
noon trading. Treasury yields ment of exuberance, which said Brian Price, head of in- to lift markets, so is clearing ily swamp Washington again.
and oil, meanwhile, are hold- makes sense given some vestment management for uncertainty about who will President Donald Trump has
ing most of their big gains pretty compelling statistics” Commonwealth Financial control the government next refused to concede to Biden
from a day before or adding a about immunity response for Network. “We’re seeing fol- year. and is blocking government
little more amid the increased the vaccine candidate, said low through today, which officials from cooperating
confidence in the economy. Kristina Hooper, chief global is good news for those who Democrat Joe Biden over the with the president-elect’s
market strategist for Invesco. have maintained a diversified weekend clinched the last of team. Some Republicans,
The S&P 500 was 0.3% lower “But there are still a number portfolio.” the electoral votes needed to including Senate Majority
as of 2:18 p.m. Eastern time, of steps between now and But he said there needs to be become the next president. Leader Mitch McConnell,
after erasing much of an ear- distribution.” more economic growth for a Republicans, meanwhile, ap- are rallying behind Trump’s
lier loss. The relatively small sustained recovery by many pear likely to keep control of efforts to fight the election
movement, though, belies a Stocks of smaller U.S. com- of the companies and sec- the Senate. results.
lot of churning underneath. panies, which tend to move tors beaten down by the virus That’s a “Goldilocks” scenar- The Republican control of
The majority of stocks in the more with expectations for pandemic. io for many investors because the Senate that markets seem
index were rising, while loss- the economy than their big- it could mean low tax rates to be so heavily banking on
es for some of the largest and ger counterparts, were rising The Big Tech stocks that car- and other pro-business poli- also depends on the outcome
most influential stocks were more than the rest of the U.S. ried the stock market through cies remain while a more sta- of a pair of runoff elections in
offsetting them. market. The Russell 2000 in- the pandemic, meanwhile, ble and predictable set of pol- Georgia in January.
dex of small-cap stocks was are suddenly facing more icies come out of the White Still, optimism remains
The Dow Jones Industrial up 1.6%. scrutiny about whether they House. More than anything, across markets.
Average was up 155 points, Several areas of the market still deserve their high prices. though, a Biden win would The yield on the 10-year
or 0.5%, at 29,314, while the that got beaten down through Their stocks soared through wipe out the uncertainty that Treasury held steady at
Nasdaq composite was down the pandemic and whose 2020 on expectations they’ll dogged the market through 0.95%, but it's still close to
1.5%. low prices make them look continue to thrive whether the long, vicious fight for the its highest level since March.
The flashpoint for all the like potentially better values the economy is in lockdown White House. Benchmark U.S. crude oil
moves was Monday’s an- were leading the way. Energy mode. But that’s left their rose 2.3% to $41.21 per bar-
nouncement from Pfizer stocks in the S&P 500 rose prices looking too expensive But analysts warn many risks rel amid hopes a stronger
that a potential COVID-19 0.9%, for example, though to critics, even after account- still hang over the market, economy will burn more
vaccine it’s developing with they're still down nearly 45% ing for their huge profits. which could easily upend fuel. Brent crude, the inter-
German partner BioNTech for 2020. Amazon, which is one of all the gains made in the last national standard, rose 2.5%
may be 90% effective, based those Big Tech stay-at-home couple weeks. The biggest to $43.36 per barrel.
on early but incomplete test “We're seeing a continuation winners, fell 3.5%. It also is may be whether investors European markets rose,
results. of this value trade that really facing antitrust charges filed have become too convinced while Asian markets ended
“This was such an environ- took off in earnest yesterday,” by European Union regula- about a potential COVID-19 modestly higher.

North Carolina rally organizer plans Election Day march

(AP) — The organizer of large demonstration for Elec- block traffic. Drumwright to the polls was organized by a key battleground President
a get-out-the-vote rally tion Day and condemned initially asked police and the Drumwright and began as a Donald Trump needs to win
in North Carolina that how police responded to Sat- Alamance County Sheriff's march from a local church to to boost his prospects of de-
ended with police pepper- urday's event. Office if authorities could the courthouse. Drumwright feating Democratic nominee
spraying and arresting “We were beaten, but we're block the roadway for the ral- said the group was permitted Joe Biden.
participants is planning not going to be broken,” he ly members, but that request to stand in the courthouse North Carolina Governor
another march on Elec- said. was never completed because square and was escorted Roy Cooper called the inci-
tion Day. Drumwright “missed the through the streets by the dent “unacceptable.”
Police said participants in deadline," Graham Police police. He also said that the
The Rev. Greg Drumwright Saturday's rally were arrested said. group had “no intention” of “Peaceful demonstrators
said at a news conference and pepper-sprayed because Police said attendees paused having the rally in the street. should be able to have their
Sunday that he's planning a they were blocking the road- in the roadway for about nine Lindsay Ayling, a graduate voices heard and voter intim-
way without authorization. minutes, creating traffic back student and anti-racism ac- idation in any form cannot
Graham Police said Saturday ups “in all directions around tivist who participated in the be tolerated,” Cooper said on
they issued several warnings court square." rally, told The Associated twitter. A Confederate mon-
to the crowd at Alamance Later, police asked the crowd Press police used tear gas in- ument outside the Alamance
County’s courthouse to to disperse, giving them a discriminately and without County courthouse has been
move from the roadway be- five-minute warning to leave reason on the crowd, includ- a local target for demon-
fore releasing pepper spray- the roadway. After the time ing on children. “The police strations since the death of
ing and later arresting eight passed, police said they re- were looking for excuses to George Floyd at the hands of
people. leased the spray toward the use pepper spray and arrest Minneapolis Police in May.
A press release from the de- ground not “directly” toward members of the crowd," she Floyd, a Black man, died af-
partment said the march any participant. said. ter a white officer pressed his
organized by Drumwright Saturday was the last day to knee to Floyd’s neck for sev-
didn't have permission to The “I Am Change” march vote early in North Carolina, eral minutes.