Wall St. logs record, posts weekly gain on strong job data, Pfizer Covid pill success



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Wall St. logs record, posts weekly gain on strong job data, Pfizer Covid pill success

On Friday, all three key indices of Wall St. had reported strong gains and rounded off the session record closing highs with benchmark S&P and tech-heavy Nasdaq extending their record-settling rallies into a seventh straight session in a row, as a strong US employment report alongside markets’ cheers over success of a Pfizer Inc Covid-19 drug had tuned up an ecstatic complexion.

Aside from that, Wall Street’s all three major indices had reported weekly gains for a fifth successive week in a row. In factuality, a Labour Department report had unveiled earlier in the day that US employment had jumped more than anticipated last month with unemployment rate falling to 4.6 per cent, eventually adding to investors’ optimism, while market participants appeared to be chartering on the cloud nine after a Pfizer Inc Covid-19 drug’s clinical trial report had unveiled that the treatment could reduce the changes of death or hospitalization by 89 per cent after being infected with the pandemic contagion, as Pfizer Inc shares leapt 11 per cent, offsetting impacts of a Fed bond-buying taper due to begin as early as by mid-November.

Wall St. soars to record after buoyant Job data

Citing statistics, in the day’s Wall St. wind-down, trade-sensitive Dow gained 0.56 per cent to 36,327.95 and Wall Street bellwether S&P 500 jumped 0.37 per cent to 4,697.53, while tech-heavy Nasdaq rose 0.2 per cent to 15,971.59.

On the week, Dow leapt 1.38 per cent and S&P 500 added 0.37 per cent, while Nasdaq rose 0.20 per cent. Meanwhile, addressing to Pfizer Inc’s latest success in developing a drug against the pandemic, Chief Executive of Horizon Investment Services, Hammond, Indiana, Chuck Carlson said, “Momentum that we have seen this week has continued, and the jobs report and the Pfizer announcement certainly are providing positive datapoints for investors to put more money into the market right now.