Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 Climbs on Positive Vaccine News; Apple Hits Fresh Record

Stock MarketsDec 08, 2021 03:49PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 cut losses Wednesday, led by health care and a fresh record high Apple in as the iPhone maker neared an unprecedented $3 trillion valuation.

The S&P 500 rose 0.24%, the Dow Jones Industrial Average rose 0.1%, or 27 points, the Nasdaq climbed 0.5%.  

Underlying investor sentiment on stocks continues to be supported by further positive news highlighting the efficiency of vaccines in protecting against the Omicron virus.

Pfizer and BioNTech said Wednesday preliminary results showed their Covid-19 vaccine neutralizes the virus' Omicron variant after three doses. Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) traded lower.

Pfizer also said it that would submit full results of its Covid-19 pill, Paxlovid, to the U.S. Food and Drug Administration in the coming days, CNBC reported, citing the company's Chief Executive Officer Albert Bourla.

Consumer stables, a defensive corner of the market, was the biggest decliner, paced by a decline in the Kroger (NYSE:KR), Brown Forman, and Kraft Heinz.

Kraft Heinz (NASDAQ:KHC) fell more than 3% after Guggenheim downgraded the stock to neutral from buy, citing margins pressures ahead.

"Kraft Heinz portfolio's lack of pricing power is getting more apparent as weeks pass, which, in our view, has a significant consequence in near term top and bottom line growth," Guggenheim said.

Brown Forman (NYSE:BFb) reported third-quarter results that fell short of expectations on both the top and bottom lines, sending its shares more than 2%.

Renewed optimism on the recovery, pushed cyclical stocks including financials and energy higher.

Financials, mostly banks, gave up some their gains from a day earlier despite rising Treasury yields, an ally of bank stocks.

State Street (NYSE:STT), Zions Bancorporation (NASDAQ:ZION), Wells Fargo (NYSE:WFC) led financials to the downside.

The United States 10-Year yield rose above 1.5% for the first time in almost a week as investors continued to price in a step in the pace of Federal Reserve's monetary policy tightening.

Strength in communication services, however, supported the broader market as social media stocks including Twitter (NYSE:TWTR) and Meta Platforms (NASDAQ:FB) advanced.

Twitter's new chief executive talked up the prospect of improving the speed of execution at the company to support plans to double revenue by 2023.

Apple (NASDAQ:AAPL), meanwhile, hit a fresh record high that took the giants' market cap close to an unprecedented $3 trillion.

Roku (NASDAQ:ROKU), meanwhile, notched an agreement with Google to keep YouTube and YouTube TV on its platform, sending its shares more than 18% higher.

Stitch Fix (NASDAQ:SFIX) was down more than 22% after the shopping and styling company cut its revenue outlook.

Energy, struggled to replicate its rally from a day earlier, as data showing a lower-than-expected build in weekly crude stockpiles weighed on oil prices.

Crude oil inventories fell to 240,000 barrels last week, missing forecasts for a draw of 1.71 million barrels.

S&P 500 Climbs on Positive Vaccine News; Apple Hits Fresh Record
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
George Pichurov
George Pichurov Dec 09, 2021 1:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
positive vaccine news...did they develop a covid vaccine? How nice, I'll buy stonks
Mitchel Pioneer
Mitchel Pioneer Dec 08, 2021 4:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another day of pure fraud, with one-hit-wonder AAPL hitting new records.  What a joke.  Short opportunity of a lifetime on the horizon.
John mark
John mark Dec 08, 2021 3:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I am glad many people are making it through me
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email