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On Wall Street, a New Record

The S&P 500 smashes yet another ceiling in shortened session
By Newser Editors and Wire Services
Posted Nov 27, 2020 2:48 PM CST

(Newser) – The S&P 500 rose to a record high in a shortened session Friday as investors continue to look forward to the distribution of a COVID-19 vaccine and relief for the global economy, the AP reports. 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. Positive developments on the vaccine front have driven double-digit gains in the major indexes this month as investors look forward to progress in gaining control over the pandemic that plunged the global economy into its deepest slump since the 1930s.

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That optimism persisted this week even as one vaccine candidate suffered a setback and cases of coronavirus remain at elevated levels. Meanwhile, retailers were hoping that their slumping sales get a boost from shoppers on Black Friday but early indications are that store traffic was light. 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 1pm 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.

(Read more Wall Street stories.)

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