Stocks Rebound After Friday’s Drop

The stock market is making back some ground it lost after Friday’s big drop. The S&P 500 is currently up about 1% while the Dow is up just 0.34%. Many of the high-flying high-beta stocks are leading the charge. The Nasdaq Composite is up about 1.5%.

Shares of Twitter have been up as much as 11% this morning on news that Jack Dorsey will be stepping down as CEO.

It’s unclear who’s set to succeed Dorsey or the timing of a potential announcement. It’s also unknown why Dorsey would take a step back. But if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

That has to be rough when your company adds $4 billion in market value on the news that you’re leaving.

This morning’s report on pending home sales rose by 7.5% in October. That comes after a drop in September. This can often be a leading indicator of the housing market. Wall Street had been expecting an increase of just 0.8%. It looks like this year will be the best for existing-home sales in 15 years.

This Friday is Jobs Day. Wall Street expects that the economy added 581,000 new jobs last month and that the jobless rate fell to 4.5%.

Posted by on November 29th, 2021 at 10:31 am


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