Day Traders Diary
The major averages snapped back to start the month of November following sharp losses from last week and braced for the U.S. presidential election. The Dow Jones Industrial Average traded 445 points higher, or 1.7%. The S&P 500 gained 1.2%. The Nasdaq Composite lagged, rising just 0.1%, as shares of Facebook, Amazon, Apple and Microsoft declined.
The rebound is attributed to easing concerns over a lockdown in Europe and delayed or contested election results tomorrow.
The major averages were coming off their worst week since March 20 as coronavirus cases surged, fiscal stimulus negotiations fell apart and as shares of mega-cap tech companies slumped following their quarterly earnings reports. Those losses led to sharp monthly declines for the major averages. The Dow, S&P 500 and Nasdaq posted their first back-to-back monthly losses since March.
The major averages hit their session highs on Monday after Institute for Supply Management said its manufacturing index reached a two-year high in October. The market's comeback came even as England adopted a stay-at-home order to fight the coronavirus.
U.S. Treasuries finished mixed and little changed. The 2-yr yield increased one basis point to 0.16%, and the 10-yr yield declined one basis point to 0.85%. The U.S. Dollar Index finished little changed at 94.06.
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