Stocks again managed to rally on Tuesday on COVID vaccine news, strong November factory data from China, and continued oil production restraints. Moderna and Pfizer both rallied on vaccine expectations.
Alan R. Elliott for Investor’s Business Daily:
The Dow industrials grabbed a 310-point advance, adding 1.1% in early trade. The S&P 500 also rallied 1.1%, while the Nasdaq swung 0.7% higher on today’s stock market.
Apple gained 1.7% in early action. Apple stock lagged slightly the Dow’s advance in November, rising 9.4% for the month, vs. the Dow industrials’ overall 11.8% advance. Apple has been consolidating since early September, shaping a 14-week base pattern offering buy points at 125.39 and 138.08. Apple is an IBD Leaderboard watchlist stock.
Markets across Asia rebounded briskly on Tuesday. Official data in China showed factory activity expanding in November at the fastest pace since September 2017, despite lockdowns tightening in Hong Kong and Shanghai as the country faces its fourth wave of coronavirus infections. The Shanghai Composite jumped 1.8% on Tuesday. The composite rose 5.1% for November, ending just below its high for the year, set in July.
November saw some healthy moves among blue chips, as the [Dow] index powered up to an 11.8% gain for the month — its best month since January 1987. Eleven of the 30 Dow Jones stocks outpaced the overall index for the month.
MacDailyNews Take: Rally!
China, China, China… break out those champagne bottles!