S&P 500 climbs to record close | Value rotation resumes | U.S. reports more than 150,000 Covid-19 cases in one day

FRI, NOV 13, 2020

EVENING BRIEF

AS OF FRI, NOV 13, 2020 • 04:33 ET

DJIA		29479.81
		+1.37%	+399.64

S&P 500		3585.15
		+1.36%	+48.14

NASDAQ		11829.29
		+1.02%	+119.70

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DOW
NAME	LAST	CHG	%CHG
AAPL	119.26	+0.05	+0.04%
CSCO	41.40	+2.73	+7.06%
INTC	45.46	+0.51	+1.13%

S&P 500
NAME	LAST	CHG	%CHG
CCL	16.01	+1.08	+7.23%
GE	9.25	+0.49	+5.59%
AAPL	119.26	+0.05	+0.04%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	119.26	+0.05	+0.04%
CSCO	41.40	+2.73	+7.06%
INTC	45.46	+0.51	+1.13%

EDITOR'S NOTE

Friday's session marked the return of a broad market trend seen for most of the week: value stocks going up and growth names underperforming.

The Dow Jones Industrial Average rose nearly 400 points, or 1.4%. The S&P 500 gained 1.4%, and the Nasdaq Composite advanced 1%.

Energy was the best-performing S&P 500 sector on Friday, jumping more than 3%. Industrials and financials, meanwhile, advanced 2.2% and 1.6%, respectively. Tech lagged the broader market, rising 0.9%. Boeing was the biggest contributor of gains in the Dow, closing more than 5% higher.

This week's outperformance by value stocks over growth names was sparked by Pfizer's news on Monday that the coronavirus vaccine it is developing with BioNTech was more than 90% effective in a trial.

However, the rotation could be in trouble if the number of coronavirus cases keeps rising and hinders the economic recovery from the pandemic. On Thursday, more than 150,000 new infections were confirmed.

Phillip Colmar, partner at MRB Partners, wrote in a note that the economy will continue to get better "but the V-shaped portion is over, and we have already transitioned to a slower pace of two-steps forward and one back."

JPMorgan's Marko Kolanovic has a more optimistic view, however.

"This week's positive vaccine news is a game-changer in our view, as it allows the market to look through the recent surge in COVID-19 cases to the impending end of the pandemic and broader reopening of the economy," the bank's head of macro quantitative and derivatives strategy told clients.

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