NEW YORK – The S&P 500 and Nasdaq both closed at records yesterday as markets continued to look past rising coronavirus cases towards a better 2021 economy with likely Covid-19 vaccines.
The tech-rich Nasdaq Composite Index led the major indices, finishing up 0.9% to 12,205.85, scoring a second straight record following a holiday-shortened session.
The broad-based S&P 500 added 0.2% at 3,638.35, also a record, while the Dow Jones Industrial Average gained 0.1% to 29,910.37.
The Dow hit an all-time high on Tuesday, finishing above 30,000 points for the first time.
Investors have been shrugging off rising coronavirus cases in the United States and stiffened restriction on economic activity in Los Angeles, Las Vegas and some other cities.
Markets have been looking ahead to expectations of better growth in 2021.
“The markets continued to climb, aided by lingering positive sentiment towards multiple potentially highly-effective Covid-19 vaccines and as the markets welcome president-elect Joe Biden's administration taking shape,” said a note from Charles Schwab.
Next week's calendar includes a heavy schedule of economic data, including the November jobs report, as well as a congressional hearing with Federal Reserve Jerome Powell, as well as an OPEC meeting.
Biden is also expected to name his economic team soon. – AFP, November 28, 2020
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