The United States’ primary stock indices ended the trading session in positive territory on Tuesday, December 1, with expectations that mass deliveries of the Covid-19 vaccine would commence in the near future. For the emergency use of their coronavirus vaccines in Europe, Moderna (-7.68%) as well as Pfizer (+2.87%) and German BioNTech (-8.23%) have applied for approval from the EU regulator. Pharmaceutical firms have also filed applications with the U.S. Department of Food and Drugs (FDA).
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The congressional meeting, which included a speech by Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin, was the subject of investors’ attention. This was their first joint appearance after Mnuchin declined to extend the four loan programs that the Fed says are still important during the pandemic to help the economy.
The index of market activity in the manufacturing sector decreased from 59.3 in October to 57.5 points from the last reported statistics in November, although the index value was worse than the consensus estimate of 58.0 points.
The blue-chip Dow Jones Industrial Average grew by 0.63 percent to 29,823.92 points at the end of the day. The broad-market S&P 500 index rose by 1.13 percent to 3,662.45 points, and the high-tech companies’ NASDAQ index increased by 1.28 percent and ended at 12,355.11 points.
At the end of trading on the NYMEX, the price of light crude oil futures for January delivery dropped 0.88 percent to $44.16 per barrel. The price of gold futures for delivery in December decreased by $6.15 to $1812.75 per troy ounce on COMEX. In exchange, the yield on ten-year Treasury bonds was 0.916 percent.
Better than the market, AdaptHealth (AHCO) shares jumped 18.79 percent to $2 billion on the announcement of an agreement to acquire AeroCare Holdings, a respiratory and home medical equipment distribution firm.
Microchip manufacturer Micron Technology (MU) was among the favorites, adding 4.67 percent after the firm increased its quarterly revenue forecast from $5.0-5.5 billion to $5.7-5.75 billion in the first fiscal year.
Meanwhile the market capitalization of UnitedHealth (UNH) increased by 1.44 percent after the health insurance provider strengthened its 2021 financial results outlook. The corporation expects $277-280 billion in sales and $17.75-18.25 per share in adjusted net income.
The Zoom Video Communications (ZM) stock looked worse than the market, which dropped by 15.06 percent after the release of reports and estimates, which while solid, did not equate to the optimism inherent in the company’s current share price.