On Friday, all three key indices of Wall St. advanced with Nasdaq outperforming other regional peers as Black Friday online sales surged to a record $9 billion this year, while Wall St. had logged a weekly percentage gain as well with retailers kickstarting the year-end shopping season amid a record rise in pandemic cases across the United States and Europe.
On top of that, all three key indices of Wall St. rose last week with S&P 500 reaching a new closing high and trade-sensitive Dow closing down the week above 30,000 for the first time on record. In point of fact, last week’s Wall St.
rally was almost entirely prodded by the hopes of latest advancement in a pandemic vaccine, while Friday’s holiday-shortened session was mostly driven by a slew of mega-cap tech stocks which had shown a substantial scale of resilience to a record rise in pandemic cases.
Aside from that, Friday’s gains of S&P 500 and Dow were largely capped by the losses of economically sensitive stocks despite hopes that a vaccine could be less than a week away, while analysts had blamed a week-end profit-taking rally behind the session’s shortcomings.
Wall St. rises as investors favour tech stocks
Citing statistics, in the day’s Wall St. wrap-up, the trade-sensitive Dow added 0.13 per cent to 29.910.37 and benchmark S&P 500 gained 0.24 per cent 5o 3,638.35, while the tech-heavy Nasdaq surged as much as 0.92 per cent to round off the day at 12,205.85.
Meanwhile, citing a cautious optimism over a likely “Santa Rally” next month since a pandemic vaccine rollout appeared to be just days away, a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said, “It’s an abbreviated session and volume is light, so the only conclusion is that the rally is not faltering for now.
It does bode well for next month. Will we see a Santa rally? Most likely. Will it be as robust as November? That’s a big question mark. ”