Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500, Nasdaq hit record highs as vaccine cheer overshadows grim data

Stock MarketsDec 03, 2020 12:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The front facade of the NYSE is ssen in New York

By Shriya Ramakrishnan and Medha Singh

(Reuters) - The S&P 500 and the Nasdaq touched all-time highs on Thursday as investors looked past bleak economic data, while remaining focused on a COVID-19 vaccine, with the blue-chip Dow getting a boost from Boeing (NYSE:BA) shares.

Boeing Co jumped about 7% after budget airline Ryanair ordered 75 additional 737 MAX jets with a list price of $9 billion, throwing a commercial lifeline to the embattled U.S. planemaker.

Tesla (NASDAQ:TSLA) Inc's 4% gain underpinned the Nasdaq after Goldman Sachs (NYSE:GS) upgraded the stock to "buy" in the run-up to the electric-car maker's addition to the S&P 500.

Earlier in the day, data showed the number of Americans filing first-time claims for jobless benefits fell last week, but remained extraordinarily high at 712,000, while a separate survey showed U.S. services industry activity slowed to a six-month low in November.

"Markets are discounting the bad economic news and focusing on a vaccine implementation plan ... they are optimistic that a vaccine will bring a recovery in the second half of next year," said Mike Cornacchioli, chief investment strategist at Clarfeld Citizens Private Wealth.

U.S. Senate Majority Leader Mitch McConnell said there was some positive movement in congressional efforts to reach a compromise on a new coronavirus aid bill but gave no hints on when such a deal could be struck.

At 11:38 a.m. ET, the Dow Jones Industrial Average rose 180.08 points, or 0.60% to 30,063.87, the S&P 500 gained 9.03 points, or 0.25% to 3,678.04 and the Nasdaq Composite gained 58.22 points, or 0.47% to 12,407.61.

Seven of the 11 major S&P sectors were higher, with the energy sector leading gains.

The communication services index hit its highest since its creation in 2018.

Progress in developing a working COVID-19 vaccine before the end of the year has driven the Wall Street's main indexes to record levels recently.

That also helped lift the S&P 1500 airlines index up 6%. Cruise operators Carnival (NYSE:CUK) Corp jumped 8% and Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd surged 9%.

Cloud-security provider Zscaler (NASDAQ:ZS) Inc surged 25% as it reported better-than-expected first-quarter revenue and adjusted profit.

Waddell & Reed (NYSE:WDR) Financial surged 49%, extending gains from the previous session, after Australia's Macquarie Group (OTC:MQBKY) announced a deal to buy the wealth manager for $1.7 billion.

Advancing issues outnumbered decliners by a 2.9-to-1 ratio on the NYSE and by a 2-to-1 ratio on the Nasdaq.

The S&P 500 posted 28 new 52-week highs and no new low while the Nasdaq recorded 241 new highs and 10 new lows.

S&P 500, Nasdaq hit record highs as vaccine cheer overshadows grim data
 

Related Articles

Canada's Shopify records Black Friday sales up 21%
Canada's Shopify records Black Friday sales up 21% By Reuters - Nov 27, 2021

(Reuters) - Canadian e-commerce company Shopify (NYSE:SHOP) Inc recorded worldwide sales of nearly $2.9 billion on Black Friday, an increase of about 21% in comparison to last...

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 (6)
Paul Milla
Paul Milla Dec 03, 2020 2:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
tomorrow Index's will be up or down????please advise
Daniel Lu
Daniel Lu Dec 03, 2020 2:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This rally is a bit weak, almost flat, like it’s soon going to plunge
Mitchel Pioneer
Mitchel Pioneer Dec 03, 2020 1:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The greatest financial fraud in history continues to defraud working class America, as the manipulation of the first legalized Ponzi scheme in the world continues to operate in broad daylight.
Allen Handsome
Allen Handsome Dec 03, 2020 1:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
a serious gap between covid-19 after thanksgiving day and injection vaccine over 80%
Eldar Hamzayev
Eldar Hamzayev Dec 03, 2020 1:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nothing unusually in headers of the investing, every day, vaccine hopes,  rest after the gain, and the gain again, gain despite following darkness and no any hopes on the stimul package and raising covid-19 death and new cases
AY Haych
AY Haych Dec 03, 2020 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Vaccine hopes daily
James Bell
James Bell Dec 03, 2020 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
vaccine hopes and stimulus hopes on the same day. Wow!
Danny Danny
Danny Danny Dec 03, 2020 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
👍
 
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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email