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Stocks Start December With Record Highs

S&P 500, Nasdaq beat records set Friday
By Newser Editors and Wire Services
Posted Dec 1, 2020 3:54 PM CST

(Newser) – Stocks scored more record highs on Wall Street Tuesday, a day after the S&P 500 closed out November with its biggest monthly gain since April. The benchmark index climbed 1.1% while the tech-heavy Nasdaq added 1.3%. Both beat the all-time highs they set on Friday. Stocks have been ramping higher in recent weeks as investors focus on the possibility that coronavirus vaccines could soon help usher in a fuller global economic recovery, the AP reports. The Dow Jones Industrial Average rose 185.28 points, or 0.63%, to 29,823.92. The S&P 500 jumped 40.82 points to 3,662.45, and the Nasdaq rose 156.37 points to 12,355.11.

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European regulators could approve a coronavirus vaccine developed by drugmakers Pfizer and BioNTech within four weeks. The companies have already asked for approval to begin vaccinations in the US in December. Moderna is also asking regulators to allow emergency use of its vaccine. Roughly 80% of the companies in the S&P 500 rose, as did every sector in the index. Technology stocks led the way higher, with the Big Tech companies notching solid gains. Apple was up 3.3% and Microsoft rose 1.4%. Facebook gained 4.2%, while Netflix climbed 3.4%. Google parent Alphabet rose 3.3% and Amazon gained 2.4%. Banks, health care stocks, and companies that rely on direct consumer spending also helped drive the market higher.

(Read more stock market stories.)

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