The Week In Review
The major averages rose on Friday as traders wrapped up a strong week amid decreasing political uncertainty and positive vaccine news. The Dow Jones Industrial Average closed higher by 37 points, or 0.1%, at 29,910. The S&P 500 gained 0.3% to end the day at 3,638, notching a record closing high. The Nasdaq Composite advanced 0.9% to 12,205, closing at an all-time high.
The Dow and S&P 500 rose 2.2% and 2.3%, respectively, for the week. The Nasdaq, meanwhile, posted a weekly gain of nearly 3%. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time and hit an all-time high.
Retailers led the early gains as investors bet on a strong holiday shopping season. The SPDR S&P Retail ETF (XRT) rose 0.9% and hit an all-time high. Etsy shares popped 10.7%, and Gamestop advanced 9%. Amazon shares gained 0.3%, and Shopify climbed 1.5% after Adobe Analytics said Thanksgiving Day online sales rose to a record $5.1 billion.
Also helping sentiment were comments from President Donald Trump, who said he would leave the White House if the Electoral College votes for President-elect Joe Biden.
Friday's gains added to the market's surge this month, which was sparked in part by a slew of positive coronavirus vaccine trial data.
Earlier In November, Pfizer and BioNTech said their vaccine was more than 90% effective. Moderna also said its drug was highly effective in a trial.
That data helped push the Dow up 12.9% in November, putting it on track for its biggest monthly gain since January 1987. The S&P 500 and Nasdaq are up 11.3% and 11.9%, respectively, in November. Meanwhile, the small-cap Russell 2000 is on track for its best month ever, up about 20%.
November's sharp gains were led by beaten-down value stocks as the positive vaccine news sparked hope for a strong economic recovery.
Ahead of the bond market close at 2:00 p.m. ET, the 2-yr yield was down two basis points to 0.14%, and the 10-yr yield was down three basis points to 0.85%. The U.S. Dollar Index was down 0.2% to 91.82. WTI crude futures were down 0.7% to $45.39/bbl.
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