Amid an eventful earnings’ season, all three key indices of Wall St. had reported weekly percentage gains last week, while the S&P 500 had inched higher and the Dow had reported nominal gains on Friday over optimisms that a pandemic vaccine could be made available as early as by December 2020.
In point of fact, an announcement from the US drugmaker Pfizer Inc. made earlier on Friday, had tuned up the tone of the day’s Wall St., as the American multinational drugmaker was quoted saying earlier on the day that it could file for a US authorization of its pandemic vaccine as early as by late-November, eventually stepping up hopes among the market participants.
Notably, apart from a renewed vaccine hope, a 1.9 per cent rise in US Retail Sales in September, had also added to investors’ hope and had bolstered views that the US consumer spending would more likely to remain upbeat during the ongoing holiday season.
Stocks rise, as vaccine hopes, retail sales data bring buyers back into market
In tandem, Friday’s gains in the Wall St.
followed three straight session of losses which were mostly catalysed by a continued wrangling in the Capitol Hill over a second round of trillion-dollar pandemic stimulus alongside a spike in pandemic cases across the densely populated US cities, while all three key indices of Wall St.
had reported weekly percentage gains despite a dive of tech-heavy Nasdaq on Friday. Citing statistics, on the day’s Wall St. round off, trade-sensitive Dow gained 0.39 per cent to 28,606.31 and benchmark S&P 500 added 0.01 per cent to 3,483.81, while the tech-heavy Nasdaq was nudged 0.36 per cent lower to 11,671.56.
Meanwhile, referring to a rekindled market optimism over a vaccine timeline that appeared to have broadly overshadowed the concerns related to an impasse on pandemic relief bill, an investment strategist at Baird in Louisville, Kentucky, Ross Mayfield said, “The two highest-level market movers are the vaccine timeline and stimulus optimism.
Sometimes the market gets a reality check that even if we get a vaccine early next year that’s an incredibly aggressive and optimistic timeline. ”