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NEW YORK, Nov 27 (Reuters) – Wall Street stocks advanced and the Nasdaq closed at a record high on Friday in a festive abbreviated week as retailers launched a year-end shopping season amid record COVID-19 hospital treatment.
The Nasdaq outperformed as investors preferred technology-related, market-leading stocks that did well during the pandemic, while economically sensitive cyclical stocks weighed their weights.
All three indices rose during the week as the S&P 500 reached a new high and the blue-chip Dow ended above 30,000 for the first time.
“It’s an abbreviated meeting and the volume is light, so the only conclusion is that the meeting isn’t stalling for now,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“It promises well for next month,” Cardillo added. “Will we see a Santa meeting? The most likely. Will it be as robust as November? That’s a big question mark.
Retailers have opened their doors to Black Friday shoppers with social isolation practices and other measures to reduce the risk of infection, with steep discounts.
“Black Friday is a bit polluted – traffic is declining due to the pandemic – but the good news is that e-commerce sales have reached a new record,” Cardillo said. – That’s encouraging.
In the latest development on the road to the development of a vaccine against COVID-19, Britain gave the pharmaceutical company AstraZeneca a green light after experts raised questions about the test data for the vaccine.
With hospital treatment for coronavirus in the U.S. set more than 89,000 records, competition for a medical solution to the pandemic has led to promising vaccines from Pfizer Inc, Moderna Inc. and others, fueling optimism for light at the end of the tunnel.
Unofficially, the Dow Jones industry average rose 38.56 points, 0.13%, to 29,911.03 points, the S&P 500 rose 9.04 points, 0.25% to 3,638.69 points, and the Nasdaq Composite 111, It increased by 44 points, ie 0.92% to 12,205.85 points.
Chip-making stocks, which were resilient during the global health crisis, once again outperform the broader market.
Shares of Walt Disney Co plummeted after the company announced it would lay off about 32,000 workers, up from 28,000 previously announced. Jobs will be cut mainly at Disney theme parks.
Tesla Inc. was based on the latest demonstration, with its shares moving forward, even as U.S. regulators launched an investigation into the first suspension problems of some 115,000 Tesla vehicles.
U.S. listed shares of iQIYI Inc fell after Reuters reported that Alibaba Group Holding Ltd and Tencent Holdings Ltd were in talks to buy a controlling stake in the video streaming service. (Report by Stephen Culp; edited by Richard Chang)