STOCKS RISE IN WALL STREET; S&P 500 HITS RECORD HIGH
The S&P 500 rose to a record high Friday (Saturday, November 28, 2020 in Manila) as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy, the Associated Press (AP) reported.
The benchmark index rose 8.70 points, or 0.2%, led by gains in technology companies, and closed at an all-time high of 3,638.35. The Nasdaq also closed at a record helped by gains in Apple, Tesla, Zoom and other tech companies.
The Dow Jones Industrial Average, which earlier this week crossed 30,000 for the first time, rose 37.90 points, or 0.1%, to 29,910.37. The Nasdaq gained 111.44, or 0.9%, to 12,205.85. US markets closed at 1 p.m. Eastern after being shut for the Thanksgiving holiday.
Health care companies also posted solid gains. Moderna jumped 16.4% and Pfizer rose 1.9%. The two companies earlier this month released results showing their COVID-19 vaccine candidates were highly effective in tests. The shares got a boost Friday after a competing vaccine suffered a setback. Macy’s shares fell 1.4% while shares of Walmart showed a slight decline.
Shares of the online marketplace Etsy, meanwhile, rose 10.7%.Apple rose 0.5%. Tesla rose 2.1% and Zoom Video Communications gained 6.3%. The two stocks have been market darlings so far this year with gains of 600% or more. European markets rose. Germany’s DAX gained 0.4% and the CAC 40 in France rose 0.6%. Asia markets also rose Friday. The Hang Seng index in Hong Kong gained 0.8%. The yield on the 10-year Treasury slipped to 0.84% from 0.87% Wednesday.