NEW YORK – Wall Street stocks shook off early weakness and finished at fresh records again yesterday, boosted by progress on coronavirus vaccines and anticipation of stock offerings by Airbnb and DoorDash.
US equities began the session in the red in a sign a post-election rally may be starting to lose steam. But stocks gained throughout the day after a mixed session in Europe.
The Dow Jones Industrial Average finished 0.35%, the S&P500 rose 0.3% and the Nasdaq ended 0.5% higher.
Sentiment has been boosted by major Covid-19 vaccine announcements that have lifted confidence about the potential for a strong economic recovery in 2021, and offset worries about the near-term pain as the US contends with soaring coronavirus case counts that have led to new restrictions.
Investors also have been cheered by the impending stock market debuts of Airbnb and Doordash, which are poised to take advantage of investor hunger for young businesses promising fast growth, especially amid lifestyle changes caused by the pandemic. – AFP, December 9, 2020
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