On Thursday, a slew of US stocks had managed to round off the session in an affirmative territory after hovering most of the day in red inks following a late-session rally on renewed hopes of stimulus talks as investors looked beyond shutdown frets amid prospects of a pandemic vaccine in weeks.
In point of fact, Thursday’s Wall St. had opened the day mostly lower following lingering worries over another leg of forced business closures, while a spike in initial jobless claims last week had added to further worries.
Nonetheless, losses were largely capped by vaccine hopes as the US head of pandemic control and supervision Dr. Anthony Fauci was quoted saying in an interview with BBC News that one or two pandemic vaccines could be authorized for emergency use in weeks, nonetheless, Fauci had also urged the Americans to avoid large gathering and travelling during the holiday season amid an upsurge in what experts were calling as a Covid fatigue.
Wall Street turns higher after renewed stimulus talks
In actuality, it was Senate Minority Leader Chuck Schumer whose remarks had sent a healthy boost to all three key Wall St. indices, leading to a late-afternoon rally, while Schumer was quoted saying that the Senate Majority Leader Mitch McConnell had agreed to initiate a new negotiation on fiscal stimulus package.
Citing statistics, on the day’s Wall St. wrap-up, the trade-sensitive Dow added 0.15 per cent to 29,482.24, still harbouring at a spitting distance to 30,000-level, S&P 500 rose 0.39 per cent to 3,581.85, while Nasdaq surged as much as 0.87 per cent to 11,904.71, leading the charges on Thursday’s late-afternoon rally.
Meanwhile, addressing to stimulus optimism which had helped investors look beyond the glooms infested by a shivering surge in pandemic cases, a senior market strategist at LPL Financial in Charlotte, North Carolina, Ryan Detrick, said on the day’s Wall St.
wind down, “We’ve seen this playbook before, where investors flock to the safety of tech and growth when the economy shows signs of slowing down. But everything changes now that there’s hope of the next stimulus plan.
Clearly markets are bouncing on that optimism. In a COVID world, semis are a safer play as they’re not impacted as much due to shutdowns. ”