The first week of trading in November has been nothing but green for markets, which soared again on Thursday.
As the range of possible election outcomes narrowed further throughout the day, stocks kept rising; the Dow Jones Industrial Average is now up nearly 1,900 points in the last four trading days alone.
In addition to the prognosticating surrounding elections, the Federal Reserve held a meeting on Thursday, indicating more of the same policies for investors. Rates are staying where they are — near zero — and the Fed still thinks more fiscal spending measures could be necessary to keep the economy from sinking.
The Dow rose 542 points, or 2%, to finish at 28,390.
Nio upgraded. Analysts are getting increasingly bullish on the electric car space — one of 2020’s hottest industries — and on Chinese electric vehicle manufacturer Nio (ticker: NIO) in particular. Citi analysts upgraded Nio’s price target to $46.40 per share, a 40% increase from its previous target of $33.20.
With the upgrade from a prominent Wall Street bank came a flood of buyers, as Nio stock jumped 12%. The stock has gone from being virtually unknown to one of the stock market’s hottest names, with shares now up more than 950% in 2020 alone.
Hanesbrands not cutting it. Although this week has been great for the average shareholder, it wasn’t a stellar day for all stocks, as evidenced by clothing retailer Hanesbrands ( HBI). The stock plunged on Thursday, losing nearly 19% after issuing a far weaker-than-expected forecast for the fourth quarter.
Hanesbrands, which also owns the Champion brand, remains profitable, but investors aren’t exactly thrilled with the direction of the company and its margins. Analysts had been expecting earnings per share of 44 cents in the fourth quarter, but the underwear mainstay projected adjusting EPS well below that point, somewhere between 25 cents and 30 cents.
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