The S&P 500 managed to shake off the news that the U.S. recorded over 153,000 coronavirus cases, to rally on Friday.

Cases in America rose for a third consecutive day; however, the benchmark index was up as much as 1.07%, mainly helped by a surge in Disney’s share price.

Walt Disney gained 2% in early trading, as data showed rapid subscriber growth, in its Disney plus streaming service, with 73.7 million users signing up in 2020. This comes amid the global pandemic, where many have been forced to stay at home, and seek alternative forms of entertainment.

As of writing the Dow Jones and NASDAQ were up 1.30% and 0.60% respectively.

FTSE falls, as UK records highest daily COVID increase

News reports today showed that the UK had recorded its highest daily increase of coronavirus cases.

It was confirmed by government statistics that a record number of 33,470 people have tested positive for COVID-19. The latest increase has brought the total number of cases to 1.3 million.

This comes despite the UK currently being under national lockdown measures, which is set to continue for at least another 3 weeks. The FTSE 100 fell 0.36% on the news.

Brexit mastermind leaving UK government

It is fair to say that UK Prime Minister, Boris Johnson has not had the easiest of times, since winning the general election last December.

This became harder today as his top aide and Brexit mastermind Dominic Cummings offered his resignation, with immediate effect.

News of this comes on the day the UK recorded its largest daily increase of coronavirus infections, and many believe that Cummings played a pivotal role in the handling of the crisis and opted to jump before inevitably being pushed.

TradeGateHub.com – #FridayFundamentals For November 13th

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Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com