US: S&P 500, Nasdaq end at records, extending November rally

[NEW YORK] The S&P 500 and Nasdaq both closed at records Friday as markets continued to look past rising coronavirus cases toward a better 2021 economy with likely Covid-19 vaccines.

The tech-rich Nasdaq Composite Index led the major indices, finishing up 0.9 per cent to 12,205.85, scoring a second straight record following a holiday-shortened session.

The broad-based S&P 500 added 0.2 per cent at 3,638.35, also a record, while the Dow Jones Industrial Average gained 0.1 per cent to 29,910.37.

The Dow hit an all-time high on Tuesday, finishing above 30,000 points for the first time.

Investors have been shrugging off rising coronavirus cases in the United States and stiffened restriction on economic activity in Los Angeles, Las Vegas and some other cities.

Markets have been looking ahead to expectations for better growth in 2021.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

"The markets continued to climb, aided by lingering positive sentiment towards multiple potentially highly-effective Covid-19 vaccines and as the markets welcome President-elect Joe Biden's administration taking shape," said a note from Charles Schwab.

Next week's calendar includes a heavy schedule of economic data, including the November jobs report, as well as a congressional hearing with Federal Reserve Jerome Powell, as well as an Opec meeting.

Mr Biden is also expected to name his economic team soon.

AFP