Another All-Time High

November turned out to be an outstanding month for the stock market. I remember there was talk that election-related mayhem could spark a sell-off. Well, that certainly never came.

The S&P 500 opened up this morning in record territory. The index opened at 3,645.87 and quickly raced as high as 3,676.22. There seems to be more optimism for a vaccine and for a stimulus bill. A group of bipartisan legislators unveiled a $908 billion bill.

Zoom, the video conferencing folks, got slammed even though their earnings were fantastic. As always, Wall Street is about expectations. In fact, it’s about expecting expectations. The company expects revenue growth this quarter of 329% and that somehow disappointed investors. Zoom was down as much as 13%.

This morning’s ISM report showed a decrease to 57.5. That’s still a pretty good number. That’s for November. The October report was very strong at 59.3.

We also got the construction spending report which showed an increase of 1.3% for October.

Posted by on December 1st, 2020 at 11:38 am


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