On Wednesday, on Wall Street, sector-wide rotation in favor of cyclical stocks weakens as investors took advantage of the recent technology correction to seek profits. In a quiet market on Veteran’s Day, the trading ended in dispersed order. Investors remain divided between the expectation of a coronavirus vaccine that would fuel economic recovery and the second wave in the United States of Covid-19, which prompted New York State to declare the closure of its bars and restaurants at 10 p.m. on Wednesday night.
The increase was particularly supported by the CRM software company Salesforce.com Inc. (CRM) (up 2.6 percent), Apple Inc (AAPL) (up 3 percent) and Microsoft Corporation (MSFT) (up 2.6 percent) within the Dow Jones. In comparison, despite their recent recovery, The Boeing Company (BA) (-3.4 percent), Caterpillar Inc (CAT) (-1.6 percent) and American Express Company (AXP) (-4.1 percent) gave way. Overall, the values benefiting from the spring’s wellness containments climbed, including Amazon.com Inc (AMZN) (up 3.3%), Zoom Video Communication Inc (ZM) (up 9.9%), Netflix Inc (NFLX) (up 2.1%), Slack Technologies Inc (WORK) (up 4.4%) or Peloton Interactive Inc (PTON) (up 0.95%). Semiconductor classes, including Qualcomm Incorporated (QCOM) (up 5.4 percent), Nvidia Corporation (NVDA) (up 5 percent), were also searched.
The stock market also continues to closely track Donald Trump’s fight to contest the election of Joe Biden as President of the United States. The transition from Donald Trump to Joe Biden remained complicated on Wednesday by the reluctance of the Republican president to recognize his defeat. The Trump camp has initiated several legal proceedings to try to contest the validity of certain ballots, more than a week after the November 3 election, without presenting any hard evidence of fraud.
Biden said Tuesday that the appeals of his Republican rival would “not have much effect “on the transition of power, but that his attitude could damage the political legacy of the outgoing president. The Democratic president-elect said that his team is already forming an administration ready to take over at the inauguration on January 20. We will move forward, regularly, planning our administration and investigation.