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Nov. 23, 2020, 4:30 p.m. EST

Dow ends 327 point higher after Janet Yellen reported as Biden’s Treasury Secretary pick

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Mark DeCambre, and Joy Wiltermuth

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“One of our themes, as this year concludes and as investors begin to think of 2021, is a barbelling of the cyclical, value sectors with the secular growth-theme,” said Michael Arone, chief investment strategist at State Street Global Advisors, in an interview.

“In my view, it’s not about value or growth. It’s about value and growth.”

However, caution about how quickly experimental drugs or vaccines can be distributed could create some headwinds for bullish investors.

“Despite the encouraging medical news flow, logistical challenges remain and it’s not yet clear how quickly vaccine programs can be deployed to allow restrictions on activity to be eased, especially at a global level,” wrote Ben May, director of global macro research at Oxford Economics.

“In addition, it’s likely that the economic situation will get worse before it gets better,” he said in a Monday note, pointing to tightened restrictions in some U.S. states and in Europe.

Back on the political front, President-elect Joe Biden also intends to nominate Antony Blinken to serve as secretary of state, according to reports . That move comes even as Trump continued efforts to contest the outcome of the Nov. 3 election, as his  legal options narrowed .

In economic news, the Chicago Fed national activity index rose to 0.83 in October from revised 0.32 in prior month, indicating some improvement in business activity.

Separately, purchasing managers survey data from IHS Market showed a rise in the services index to 57.7 from 56.9 from the previous month and a rise in manufacturing to 56.7 from 53.4 in November. A reading of 50 or better indicates expanding activity.

The pan-European Stoxx 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.78% closed 0.2% lower, while the U.K.’s FTSE 100 index ended down 0.3% Monday.

In Asian markets, China’s Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.04%  closed 0.5% higher, the CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -0.34% finished up 1.3%, while Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.47% booked a 0.1% loss. Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.23% was closed due to a holiday.

The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.25%  rose 2.9 basis points to around 0.857%. Yields and prices move in opposite directions.

The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.39% , a gauge of the greenback’s strength against its major rivals, was 0.2% higher.

Crude-oil futures rose 1.5% to settle at $43.06 a barrel, the highest close for a front-month contract since Aug. 26, according to Dow Jones Market Data. Meanwhile,  gold futures fell 1.8%, to settle at $1,837.80 an ounce, the biggest daily drop since early November.

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-3.23 -0.78%
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CN : China: Shanghai
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XX : China Securities Index
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Volume: 20.26B
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HK : Hong Kong Exchange
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JP : Nikkei
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add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
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US : U.S.: ICE Futures U.S.
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March 5, 2021 5:00p

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