Wall St. gains, Nasdaq hits record high as holiday shopping begins

29 Novembre, 2020, 16:44 | Auteur: Auguste Feret
  • Provided by CNBC Traders work the floor of the New York Stock Exchange

The Dow Jones Industrial Average added 38 points, or 0.1% before pulling back to breakeven.

The tech-rich Nasdaq Composite Index led the major indices, finishing up 0.9 per cent to 12,205.85, scoring a second straight record following a holiday-shortened session.

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 three main USA stock indexes have gained more than 10 percent this month as investors were encouraged by signs that COVID-19 vaccines were on track to be rolled out in the weeks ahead, setting the S&P 500 for its best November ever.

The S&P 500 is up 80.81 points, or 2.3%. However, the bias is likely to remain to the upside as investors become more optimistic about President-elect Joe Biden's visions for ending the COVID-19 crisis, creating jobs and growing the economy. The Dow has added almost 13% since the end of October, on track to notch its biggest monthly advance since 1987. More than 110,000 new cases were reported around the nation Thursday, sharply lower than totals in recent days. "As we turn the coroner, that is going to allow pent-up economic activity to return". "This will have an impact potentially on the next job market report", he said, referring to labor-market figures for November that will be released on December 4.

The National Retail Federation sees a merry shopping season ahead, forecasting US holiday sales will rise 3.6% to 5.2% over 2019.

One concern that appears to be simmering down is the outcome of the election.

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The Associated Press has declared Joe Biden the victor of the presidential election, with 306 electoral college votes to 232. The president's campaign has lost several legal challenges that allege election fraud, and he has come under pressure from Republicans to accept the results. "The economic calendar is still extremely thin and the way these markets are positioned, I think many are already in weekend mode", Erlam said.

Mr. Biden's decision to pick Janet Yellen as Treasury Secretary added to the market's enthusiasm this week, Citigroup analysts said.

US equity markets clambered higher Friday, hitting all-time highs for two of the three major benchmarks, as investors noted healthy online retail sales with the holiday shopping season beginning and parsed an update about the presidential transition as well as news related to vaccines for COVID-19. Black Friday "should give a nice bump to the [economic data] numbers".

As of Wednesday, the S&P U.S. Listed China 50 index, which is created to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,987.51, marking a 12.87-percent increase for the month-to-date returns and a 57.47-percent gain for the year-to-date returns.

Overseas, the pan-continental Stoxx Europe 600 wavered between small gains and losses before closing up 0.4%.

In Asia, most major stock benchmarks gained. On Friday, Etsy shares climbed 10.7%, Gamestop rose 9%, Amazon gained 0.3%, and Shopify climbed 1.5%.

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