S&P500, Nasdaq Close at Records
U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq Composite setting new records following a pair of positive measures against the Govt-19 epidemic.
Health care stocks rallied in the news The UK began to offer levels Developed vaccine
And Bioendech of Germany. Pfizer’s shares, which hit a one-year high, led the healthcare sector.
Signs that lawmakers are committed to finalizing the new Govt-19 relief package also gave the stock market a boost. Bloomberg Report Republican congressional leaders plan to talk to White House officials about trying to negotiate a $ 900 billion Govt-19 aid deal. Technology stocks were red before the report and gradually advanced in the second half of the session.
Investors have been closely following the talks in the hope that Republicans and Democrats will reach an agreement on further stimulus. Without some sort of agreement, many are concerned that the new economic recovery is at risk as corona virus infections, hospitalizations and deaths are on the rise across the country, causing a high stock market to slump.
Zero Jung, chief economist at Meerut Property Management, said the emergency relief package was “essential to help businesses that are already affected.” “There has been a significant slowdown in the progress of the labor market, so some more help is needed. It’s important; it affects market sentiment.”
The S&P 500 gained 10.29 points, or 0.3%, to 3702.25, while the Nasdaq rose 62.83 points, or 0.5%, to 12582.77, both of which ended at the highest level. The Dow Jones Industrial Average rose 104.09 points, or 0.3%, to 30,173.88, setting a new milestone.
Lawmakers fought Monday to resolve the issue One of the remaining two major setbacks In attempts to strike a deal in the emergency budget. Congress leaders said they plan to pass a one-week extension of the government’s current fund to buy more time for negotiations on the two bills.
Despite the increase in corona virus cases, the U.S. stock market was able to reach new heights thanks to advances in the vaccine front and brief signs of progress to complete another economic aid package. The S&P 500 is up 15% this year, with the most recent gains following news of Pfizer’s vaccine.
Investors who see a return to corporate earnings are positive about next year, analysts said. If the Covid-19 cases reach a critical point, analysts say they need to revise their predictions.
“There is this impetus and tug-of-war between how we are based on the good news about the vaccine and seeing the end of it, and another success case for economic release if the vaccine does not yet happen when another hike is available,” said Georgina Taylor, Invesco’s multicet finance manager. . “
On Tuesday, shares of energy companies led the S&P 500 by one percentage point, up 1.6%. Shares of Pfizer 31 rose 1.31 or 3.2% to 42.56, while health shares rose 0.7%.
Consumer staples and industrial stocks gained 0.5% and 0.4%, respectively.
Shares of technology companies added 0.3% after offsetting its previous loss.
Meanwhile, Tesla shares rose 18.104.22.168 or 1.3% to $ 649.88 after the CEO
The chief executive of the Wall Street Journal said at the council’s annual summit He moved to Texas After a long time with the authorities in California. Shares fell after the carmaker said it would sell shares worth up to $ 5 billion.
Uber 79 cents or 1.5% lower at $ 53.01 after the ride-hello service Sold its self-driving car business To a competitor.
Overseas, Pan-Continental Stocks Europe 600 rose 0.2% across Asia, closing most key benchmarks. The Shanghai Composite Index fell 0.2% and Hong Kong’s Hong Seng Index fell 0.8%.
Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8