SP 500, Nasdaq End at Record Highs on Vaccine Optimism

Dec 1 Reuters The SP 500 and Nasdaq Composite indexes closed at record highs on Tuesday, with investors betting a COVID19 vaccine will be available soon, and more confident about a speedy economic recovery following upbeat Chinese factory data.

Investors stayed focused on updates about a handful of vaccine candidates and the start of global shipments as drugmakers submit paperwork for regulatory approvals.

Pfizer Inc jumped after the drugmaker and Germanys BioNTech SE sought emergency approval of their vaccine candidate from the European regulator.

The partners are neckandneck with rival Moderna Inc , which also applied for emergency approval from the European regulator. Its stock tumbled from a record high the day before.

There is this optimism about what it means as we see news around vaccines emerge, said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis.

As we look toward a health solution, we could be sitting on a coiled spring of economic activity, but it could take a while for it to be unleashed.

Earlier in the day, global equities got a boost from data that showed Chinas factory activity in November increased at its fastest pace in a decade. Several other countries also reported sharp upticks in factory activity.

U.S. data showed a recovery in manufacturing activity lost momentum in November.

All 11 SP 500 sector indexes rose, with communication services among the leading gainers.

Investors also focused on remarks…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News