The stock market capped a strong week with a strong finish on Friday. The Dow rose 399 points, or 1.3%, to 29,479, while the S&P 500 rose 48 points, or 1.3%, to 3,585, and the Nasdaq rose 119 points, or 1%, to 11,829. Generally, investors this week began to shift away from tech stocks—think Zoom and other companies that have benefited from the stay-at-home pandemic—to those in other sectors such as travel and manufacturing, reports the Wall Street Journal. That's thanks to good news on a COVID vaccine this week, even though current cases are rising at a record pace.
"This week’s positive vaccine news is a game-changer in our view, as it allows the market to look through the recent surge in COVID-19 cases to the impending end of the pandemic and broader reopening of the economy,” says Marko Kolanovic of JPMorgan, per CNBC. Indeed, "the market is starting to focus on 2021, and giving credit to the cyclical recovery," says Samy Chaar of Lombard Odier, per the Journal. (Read more stock market stories.)