U.S. Indices Started The Week Well, Oil Sector Also Gained

On the back of growing market operation and the results of testing another vaccine, our indexes rose

Key-U.S. indices closed in the green zone on Monday, November 23. The market was supported by statements by the British pharmaceutical company AstraZeneca on the potential 90 percent efficacy of the Covid-19 vaccine. After Pfizer and Moderna, AstraZeneca will thus become the third company to announce the final phases of its drug testing.

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The publication of a group of measures showing the level of business operation in the United States was another significant positive factor for the market today. In November, the Markit composite PMI was 57.9 points, following October’s 56.3 points. At the same time, business activity indices in the manufacturing and service sectors were higher than the November forecast, 56.7 vs. 53.0 and 57.7 vs. 55.0, respectively.

The larger Standard & Poor’s 500 index increased 0.56 percent to 3,577 at the end of the trading session. The Dow Jones Industrial Average increased by 1.12 percent to 29,591.27 points, and the high-tech industry’s NASDAQ Composite index closed by 0.22 percent at 11,880.63 points.

WTI crude futures closed up 1.04 percent at $42.86 a barrel for January delivery. Ten-year government bond yields rose to 0.859 percent from 3.57 basis points.

Shares in the energy sector were among the growth leaders in the wake of news about the third vaccine, already in the final phase of testing. Among them, growth in capitalization was especially strong for Occidental Petroleum Corporation (OXY) which surged by 16.83 percent, Devon Energy Corporation (DVN) added 10.03 percent, Diamondback Energy Inc (FANG) rose 11.67 percent, Marathon Oil Corporation (MRO) gained 10.18 percent, and Chevron Corporation (CVX) succeeded to add 6.11 percent to its value on Monday.

Shares in Fuel Tech Inc (FTEK), which develops engineering and air pollution control technology, jumped by 122.05 percent on the back of good operating results in the third quarter and positive news on the stock market.

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