US Stocks Rise Friday 11/27 09:34
Stocks rose on Wall Street Friday at the start of a shortened trading
session, led by gains in technology companies.
NEW YORK (AP) -- Stocks rose on Wall Street Friday at the start of a
shortened trading session, led by gains in technology companies.
The S&P 500 rose 0.3% and is on track for its third weekly gain in the past
four weeks. Investors have been encouraged by progress in getting a vaccine
approved and distributed and hopefully halting the coronavirus pandemic's grip
on the global economy.
The Dow Jones Industrial Average, which earlier this week crossed 30,000 for
the first time, rose 0.2%. The Nasdaq, which has a heavy weighting of
technology stocks, gained 1%.
U.S. markets close at 1 p.m. Eastern after being shut for the Thanksgiving
The major indexes have shown double-digit growth so far this month, with the
S&P 500 posting a gain of 11.3%. Investors are looking forward to a possible
vaccine to control the pandemic that plunged the global economy into its
deepest slump since the 1930s. Pfizer and Moderna have released results showing
their vaccines proved highly effective against COVID-19 in testing.
The University of Oxford and AstraZeneca also this week released positive
test results about their vaccine. But researchers have questioned how Oxford
and AstraZeneca calculated the effectiveness of their vaccine. The AstraZeneca
CEO told Bloomberg News the company might conduct another trial.
AstraZeneca shares fell 0.7% in early trading, while Pfizer shares rose 1.8%
and Moderna shares jumped 10.6%. Pfizer's vaccine could begin distribution next
month if approved by the Food and Drug Administration.
The vaccine news has offset concerns about spiking coronavirus cases in the
U.S. and other parts of the world. U.S. states and European governments are
re-imposing controls on business and travel as infection rates surge.
The disease has killed more than 1.4 million people worldwide and there are
61 million confirmed cases, according to data gathered by Johns Hopkins
The pandemic has brought significant changes to the traditional Black Friday
shopping holiday. Many retailers are beefing up their safety protocols, moving
their doorbuster deals online and curbside pickup options as a last grasp at
sales before the year ends.
Retailers need a boost from Black Friday and holiday shopping altogether to
try and recoup sales lost to the pandemic. Early indications are that people
are staying home and choosing to do any shopping online.
Macy's shares fell 2.1% while shares of Walmart and Target posted small
gains. Shares of the online marketplace Etsy, meanwhile, rose 6.8%.
Tech shares led the early gainers. Adobe and Intel each added 1.3%.
European markets were higher. Germany's DAX gained 0.4% and the CAC 40 in
France rose 0.7%. Asia markets also rose Friday. The Hang Seng index in Hong
Kong gained 0.8%.
The yield on the 10-year Treasury slipped to 0.85% from 0.87% Wednesday.