S&P 500 Gives Back Record in Final Hour

But Dow ticks up on Thursday
By Newser Editors,  Newser Staff
Posted Dec 3, 2020 3:08 PM CST
S&P 500 Gives Back Record in Final Hour
The New York Stock Exchange in a file photo.   (AP Photo/Seth Wenig)

The stock market had a not-so-great final hour on news that Pfizer was running into supply-chain problems with its pending vaccine, reports CNBC. The benchmark S&P 500, which set an intraday record earlier Thursday, ended up losing 2 points to close at 3,666. The Dow pared gains but closed 85 points higher at 29,969, and the Nasdaq rose 27 points to 12,377. The bad news was tempered earlier by decent reports on the economy, own showing growth in the services sector and the other showing that fewer workers than expected filed for jobless benefits, per the AP.

The unemployment stat, however, may have been thrown out of whack by Thanksgiving week. Also helping matters was growing confidence that a new stimulus deal would emerge out of Congress. “There’s a lot of optimism being built into the market right now,” says Sam Stovall of CFRA. “Investors are sort of keeping their fingers crossed that we come up with a stimulus package, no matter the size.”

(More stock market stories.)

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