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Kalpesh Kumavat
Nov 28, 2020 12:59AM ET
what about infosys guys
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S&P Closes at Record as Tech Shows Strength
Published Nov 27, 2020 12:58PM ET
Updated Nov 27, 2020 01:07PM ET
© Reuters.
By Yasin Ebrahim
Investing.com - The S&P 500 closed at record highs Friday, as tech continued to rack up gains to offset losses in value stocks on fears of further Covid-19 restrictions ahead as Americans travel over the holidays.
The Dow Jones Industrial Average rose 0.13%, or 38 points. The S&P 500 was up 0.28%, while the Nasdaq Composite added 0.92%.
Tech was among the biggest gainers of the day, led by the Fab 5 stocks as investor appetite for growth stocks remained intact.
Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) were higher.
The uptick in tech stocks helped the broader market fend off a weakness in value stocks at a time when some are concerned the uptick in Covid-19 infections is likely to lead to further restrictions in the U.S.
"The number of cases was rising sharply before last week but holiday travel and socialising could see an acceleration that necessitates aggressive action to prevent healthcare systems buckling under the pressure of hospitalisations," ING said in a note.
A fall in industrials and energy led the move in lower in value stocks – those linked to the performance of the economy.
Energy fell nearly 1% as investors appeared to take profits, but remains on track for a third-week of gains following strong early-week gains amid rising oil prices ahead of a key OPEC meeting next week.
"Despite some signs of daylight between producers over deviating from the tapering timeline, we believe that OPEC+ will opt for a short extension of the current 7.7 mb/d cut when they meet next week," RBC said in a note.
Online retailer platform were also in focus on Friday, with Shopify (NYSE:SHOP) and Etsy (NASDAQ:ETSY) up sharply, as online sales racked up gains. Online sales rose to a rose 22% to a record $5.1 billion on Thanksgiving Day, according to Adobe (NASDAQ:ADBE) Analytics.
Looking to the week ahead, market sentiment in the week ahead will be driven by developments on Covid-19 vaccines, further restrictions to curb the flow of the virus and any progress on US fiscal stimulus, ING said in a note.
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Comments (5)
Matius Marvn
Nov 27, 2020 3:52PM ET
Monaday close mothwith big ATH , all ready
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Usman Ibrahim
Nov 27, 2020 2:25PM ET
then the following day it'll loose everything 🤣🤣
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New Jazenevd
Nov 27, 2020 1:35PM ET
Another positive market day. It is not very rational, but it is real. Use reality for own financial advantage.
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falec
Nov 27, 2020 1:35PM ET
What a bad advice. So, you suggest people to chase trernds up? NIKKEI 1990 2.0.
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New Jazenevd
Nov 27, 2020 1:35PM ET
Fabio falec It had nothing to do with chasing. Obviously, grasping reality is not your strong point.
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Robert Cox
Nov 27, 2020 1:31PM ET
Rushed FDA approval won't help people feel better about a vaccine. Further restrictions are highly likely. Stimulus is dead until the end of January at the earliest.
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Muzamil Channar
Nov 27, 2020 1:31PM ET
Can you please call me
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