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MarketScreener Homepage  >  Indexes  >  USA  >  DJ Industrial    DJI


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S&P 500, Dow close at all-time highs on reignited vaccine hopes

11/16/2020 | 04:19pm EST
People walk past the New York Stock Exchange

NEW YORK (Reuters) - The S&P 500 and Dow Jones industrial average notched record closing highs on Monday as news of another promising coronavirus vaccine fanned hopes of eradicating COVID-19, while spiking infections and new shutdowns threatened to hobble a recovery from the pandemic recession.

All three major U.S. stock indexes advanced and with its new closing record, the blue-chip Dow is the last of the three to reclaim levels reached in February, before lockdowns sent the markets into free-fall.

The Russell 2000 also hit an all-time closing high.

Value, cyclical and small cap shares outperformed the broader market.

Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data. It was the second drugmaker in as my weeks, after Pfizer Inc, to announce promising trial data in the development of a vaccine to defeat the pandemic. Its shares gained 9.6% on the day.

Combined, pending further data and regulatory review, the United States could have as many as 60 million emergency doses available this year.

"More vaccine news is driving cyclicals, small caps and value, which would be primed if the economy reopens sooner than expected, returning us to some sense of normalcy," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

Travel-related stocks, which have been clobbered by restrictions to contain the pandemic's spread, were in demand.

Shares of United Airlines Holdings Inc, American Airlines Group Inc, Carnival Corp and Norwegian Cruise Line Holdings Ltd jumped between 4.5% and 9.7%.

But COVID-19 continued its U.S. rampage, with cases surging past 11 million and record infections in 40 states, prompting states to tighten social distancing mandates.

"Wall Street is looking out six to 12 months down the road," Pavlik added. "There is a question about ... what kind of damage will be inflicted on the economy between now and then."

The Dow Jones Industrial Average rose 470.63 points, or 1.6%, to 29,950.44; the S&P 500 gained 41.76 points, or 1.16%, at 3,626.91; and the Nasdaq Composite added 94.84 points, or 0.8%, at 11,924.13.

Of the 11 major sectors of the S&P 500, all but healthcare ended the session in the black, with energy stocks enjoying the largest percentage gain.

Earnings from high-profile retailers are expected this week, with Walmart Inc and Home Depot Inc expected to report on Tuesday and Lowe's Companies Inc and Target Corp on Wednesday.

This, together with the Commerce Department's October retail sales data, expected on Tuesday, should provide evidence of how consumers are weathering a languid economic recovery as stimulus runs dry.

Simon Property Group Inc jumped 5.7% after the biggest U.S. mall operator cut its purchase price for an 80% stake of rival Taubman Centers Inc, as the pandemic pressures the retailers.

Advancing issues outnumbered declining ones on the NYSE by a 4.66-to-1 ratio. On Nasdaq, a 2.55-to-1 ratio favored advancers.

The S&P 500 posted 40 new 52-week highs and no new lows. The Nasdaq Composite recorded 162 new highs and 15 new lows.

Volume on U.S. exchanges was 10.90 billion shares, compared with the 10.21 billion average for the full session over the last 20 trading days.

(Reporting by Stephen Culp; Editing by Richard Chang)

By Stephen Culp

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -1.86% 15.5553 Delayed Quote.0.38%
CARNIVAL CORPORATION & PLC -2.19% 20.285 Delayed Quote.-4.06%
DJ INDUSTRIAL -0.41% 31046.52 Delayed Quote.1.06%
MODERNA, INC. -2.20% 130.2 Delayed Quote.27.29%
NASDAQ 100 -0.34% 13367.184622 Delayed Quote.4.01%
NASDAQ COMP. -0.20% 13510.223543 Delayed Quote.4.41%
NORWEGIAN CRUISE LINE HOLDINGS LTD. -1.72% 24.54 Delayed Quote.-1.73%
PFIZER INC. -0.08% 36.4467 Delayed Quote.-0.90%
S&P 500 -0.25% 3844.07 Delayed Quote.2.55%
SIMON PROPERTY GROUP, INC -1.43% 93.13 Delayed Quote.11.74%
TARGET CORPORATION -0.16% 190.92 Delayed Quote.8.35%
TAUBMAN CENTERS, INC. 0.09% 42.99 End-of-day quote.0.00%
THE HOME DEPOT, INC. 1.37% 282.8826 Delayed Quote.5.06%
UNITED CONTINENTAL HOLDINGS, INC. -1.49% 41.9723 Delayed Quote.-1.53%
WALMART INC. 0.95% 146.36 Delayed Quote.0.49%
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DJ Industrial Technical Analysis Chart | DJI | US2605661048 | MarketScreener
Technical analysis trends DJ INDUSTRIAL
Short TermMid-TermLong Term
SALESFORCE.COM, INC. 226.6 Real-time Estimate Quote.1.99%
THE HOME DEPOT, INC. 283.475 Real-time Estimate Quote.1.59%
JOHNSON & JOHNSON 164.29 Real-time Estimate Quote.1.58%
MICROSOFT CORPORATION 228.325 Real-time Estimate Quote.1.49%
WALMART INC. 146.485 Real-time Estimate Quote.1.13%
UNITEDHEALTH GROUP 351.35 Real-time Estimate Quote.-1.03%
AMERICAN EXPRESS COMPANY 125.83 Real-time Estimate Quote.-1.26%
THE TRAVELERS COMPANIES 145.95 Real-time Estimate Quote.-1.86%
INTEL CORPORATION 57.265 Real-time Estimate Quote.-8.32%
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