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Economy15 hours ago (Nov 28, 2020 02:25PM ET)
By Jesse Cohen
Investing.com – Stocks on Wall Street ended in positive territory on Friday, with the S&P 500 and Nasdaq closing at new record highs amid ongoing optimism over Covid-19 vaccine progress.
The gained 0.3% to end the day at 3,638, notching an all-time closing high. The also ended at a record high, rising 0.9% to 12,205.
Meanwhile, the rose 37 points, or 0.1%, to settle at 29,910. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time ever.
For the week, the Dow and S&P 500 jumped 2.2% and 2.3%, respectively, while the tech-heavy Nasdaq scored a gain of 3% over that time frame.
Friday’s gains added to the market’s surge this month. The Dow is on pace for its biggest monthly gain since January 1987, up 12.9% in November. The S&P 500 and Nasdaq are up 11.3% and 11.9%, respectively.
The small-cap is on track for its best month ever, up about 20%.
The market’s rally to record highs comes amid indications that the Federal Reserve is likely to strengthen their QE program at the next FOMC meeting on December 16.
Traders have also cheered the prospects that former Fed Chair Janet Yellen, who has been selected by Joe Biden for Treasury secretary, will deliver more economic stimulus.
Investors will be watching fresh Covid-19 vaccine headlines as well as developments surrounding the pandemic in the week ahead, amid worries the record surge in cases will lead to further restrictions.
Markets will also be tested by a flurry of key U.S. economic data in the coming week, including Tuesday’s and Friday’s November .
In earnings, there are just a few notable companies reporting their latest financial results as the third quarter earnings season winds down, including Zoom (NASDAQ:) and Salesforce (NYSE:).
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