Wall Street closed with triple records for the Dow Jones, Nasdaq, and S&P 500 indexes, driven by good employment data in the United States.
Pfizer’s announcement of its new coronavirus treatment also positively impacted the New York Stock Exchange.
The three leading Wall Street indices finished this Friday with closing records, driven by good employment data in the United States during October, with important indexes again at the history and by the announcement of Pfizer of its new treatment against COVID-19.
The Dow Jones finished with a gain of 0.57% to 36,328.41 points, while the Nasdaq technology rose 0.20% to 15,971.58 units and the S&P 500 composite index 0.37% to 4,697.57 points.
The Labor Department report showed U.S. employment rose more than expected last month as COVID-19 infections declined over the summer, offering further evidence that economic activity was picking up momentum earlier in the year. Fourth trimester.
The U.S. economy added 531,000 jobs last month and job earnings in the previous two months were higher than initially reported, while the unemployment rate fell to 4.6 percent, according to government data.
Pfizer Inc jumped 10.9% in premarket operations after the COVID-19 drug maker’s experimental antiviral pill reduced the chances of hospitalization or death for adults at risk of developing a disease by 89% serious.
The news weighed on Merck, which unveiled its therapy in October, and Moderna, the maker of one of the significant coronavirus vaccines. Merck fell 9.9 percent and Moderna 16.6 percent.
Travel stocks rose on the news, with American Airlines, United Airlines, Delta Air Lines, cruise operators Carnival Corp and Norwegian Cruise climbing between 5.6% and 5.9%. Boeing jumped 5.4 percent after a Wall Street Journal report. The company settled a $ 225 million settlement with shareholders who had sued current and former directors in a case of negligence in the company’s security—737 MAX aircraft.
“We could not receive more positive news. The market was up long before this with the information from Pfizer. Still, now it looks like it is the end of the pandemic, “said Thomas Hayes, Managing Member of Great Hill Capital LLC, New York.
“It’s a quick and effective solution … if you are diagnosed, you just take the pill, and you’re back in action, so the market loves it, the travel and leisure industry loves it, and we love it .”
Expedia rose 14.6% among earnings movements after the online travel agency posted upbeat revenue in the third quarter due to a rebound in travel demand.
Pinterest Inc was up 2% after the image-sharing company expects fourth-quarter revenue growth in the teen percentage range as retail ad spend soared ahead of the holiday season.
A brilliant third-quarter reporting season, with a positive outlook on earnings growth and no rush by the central bank to raise interest rates, has boosted investor appetite for stocks. helping them outperform investors—concerns about inflation, supply chain disruptions, and labor shortages.
The S&P 500 and the Nasdaq had already posted record closings for the sixth consecutive session on Thursday, as investors took in the Federal Reserve’s decision to begin reducing their monthly bond purchases.
Meanwhile, The US House of Representatives is expected to vote on the Social Policy and Climate Change Bill and the Bilateral Infrastructure Bill on Friday.
Economically sensitive stocks rose sharply, including major oil companies Exxon Mobil and Chevron Corp, Boeing Co and Caterpillar Inc Industries, and large banks.
Peloton Interactive fell 35.3% on disappointment from forecasts, raising concerns that a change in consumer patterns would affect the development of indoor fitness as more and more people move forward.. Get vaccinated against Covid-19.