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U.S. stock markets closed higher on Friday amid optimism surrounding COVID-19 vaccine. Moreover, investors’ sentiment was also buoyed by robust online retail sales to mark the beginning of the holiday season shopping. All three major stock indexes ended the day in green.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rallied 0.1%, closing at 29,910.37, snapping its losses from Wednesday. Notably, 15 components of the 30-stock index ended in green while 15 finished the day in red. The blue-chip index has become green 4.8% year to date. The tech-heavy Nasdaq Composite closed the day at 12,205.85, up 0.9% or 111.44 points, marking fourth successive day of gains, backed by strong performance from large-cap technology stocks.
Meanwhile, the S&P 500 gained 0.2%, closing the day at 3,638.35, reversing its losses from Wednesday. The Health Care Select Sector SPDR (XLV) and the Communication Services Select Sector SPDR (XLC) popped 0.9% and 0.6%, respectively. Notably, five out of eleven sectors of the benchmark index closed in the positive zone and six in the red.
The fear-gauge CBOE Volatility Index (VIX) was down 1.9% to 20.84. A total of 6.82 billion shares were traded on Friday, lower than the last 20-session average of 11.03 billion. Advancers outnumbered decliners on the NYSE by a 1.36-to-1 ratio. On Nasdaq, a 1.73-to-1 ratio favored advancing issues.
Positive Vaccine Developments
Encouraging developments with regard to the COVID-19 vaccine helped Wall Street in moving higher. AstraZeneca PLC (AZN - Free Report) received a boost as the UK Government has sought a temporary supply of its vaccine after assessment from its health regulator. Moreover, this development followed other promising vaccine news as Pfizer, Inc. (PFE - Free Report) and BioNtech SE (BNTX - Free Report) have sought emergency use authorization from the FDA for its vaccine candidate which showed an efficacy rate of 95%. Meanwhile, Moderna, Inc. (MRNA - Free Report) also reported that its vaccine candidate was found to be 94.5% effective.
Online Retail Sales Pick Up
The U.S. stock markets cheered the online retail sales going into the holiday season shopping. Adobe Analytics reported that online sales rose to a record high of $5.1 billion on Thanksgiving Day as consumers favored online shopping over visiting stores to curb the pandemic. Consequently, shares of major ecommerce stocks like Shopify Inc. (SHOP - Free Report) and Amazon.com, Inc. (AMZN - Free Report) advanced 1.5% and 0.3%, respectively. Shopify carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weekly Roundup
U.S. stock markets saw major indexes rising during the week as the Dow, the S&P 500 and the Nasdaq Composite rallied 2.2%, 2.3% and 3%, respectively. Both the S&P 500 and Nasdaq Composite closed the week at record highs. Several positive news related to COVID-19 vaccine aided the major indexes in moving higher this week.
Over the weekend, the Financial Times reported that HSBC Holdings (HSBC - Free Report) is considering a full exit from its U.S. retail banking operation. (Read More)
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Stock Market News for Nov 30, 2020
U.S. stock markets closed higher on Friday amid optimism surrounding COVID-19 vaccine. Moreover, investors’ sentiment was also buoyed by robust online retail sales to mark the beginning of the holiday season shopping. All three major stock indexes ended the day in green.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rallied 0.1%, closing at 29,910.37, snapping its losses from Wednesday. Notably, 15 components of the 30-stock index ended in green while 15 finished the day in red. The blue-chip index has become green 4.8% year to date. The tech-heavy Nasdaq Composite closed the day at 12,205.85, up 0.9% or 111.44 points, marking fourth successive day of gains, backed by strong performance from large-cap technology stocks.
Meanwhile, the S&P 500 gained 0.2%, closing the day at 3,638.35, reversing its losses from Wednesday. The Health Care Select Sector SPDR (XLV) and the Communication Services Select Sector SPDR (XLC) popped 0.9% and 0.6%, respectively. Notably, five out of eleven sectors of the benchmark index closed in the positive zone and six in the red.
The fear-gauge CBOE Volatility Index (VIX) was down 1.9% to 20.84. A total of 6.82 billion shares were traded on Friday, lower than the last 20-session average of 11.03 billion. Advancers outnumbered decliners on the NYSE by a 1.36-to-1 ratio. On Nasdaq, a 1.73-to-1 ratio favored advancing issues.
Positive Vaccine Developments
Encouraging developments with regard to the COVID-19 vaccine helped Wall Street in moving higher. AstraZeneca PLC (AZN - Free Report) received a boost as the UK Government has sought a temporary supply of its vaccine after assessment from its health regulator. Moreover, this development followed other promising vaccine news as Pfizer, Inc. (PFE - Free Report) and BioNtech SE (BNTX - Free Report) have sought emergency use authorization from the FDA for its vaccine candidate which showed an efficacy rate of 95%. Meanwhile, Moderna, Inc. (MRNA - Free Report) also reported that its vaccine candidate was found to be 94.5% effective.
Online Retail Sales Pick Up
The U.S. stock markets cheered the online retail sales going into the holiday season shopping. Adobe Analytics reported that online sales rose to a record high of $5.1 billion on Thanksgiving Day as consumers favored online shopping over visiting stores to curb the pandemic. Consequently, shares of major ecommerce stocks like Shopify Inc. (SHOP - Free Report) and Amazon.com, Inc. (AMZN - Free Report) advanced 1.5% and 0.3%, respectively. Shopify carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weekly Roundup
U.S. stock markets saw major indexes rising during the week as the Dow, the S&P 500 and the Nasdaq Composite rallied 2.2%, 2.3% and 3%, respectively. Both the S&P 500 and Nasdaq Composite closed the week at record highs. Several positive news related to COVID-19 vaccine aided the major indexes in moving higher this week.
Stocks That Have Made Headline
Equinor Closes $8B Offshore Wind Farm Financial Deal
Equinor ASA (EQNR - Free Report) recently announced the completion of a deal to finance the massive Dogger Bank wind farm. (Read More)
HSBC Holdings Mulls Exit From US Retail Banking Unit
Over the weekend, the Financial Times reported that HSBC Holdings (HSBC - Free Report) is considering a full exit from its U.S. retail banking operation. (Read More)
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>