Wall Street posts weekly gain on strong jobs report, Pfizer COVID-19 pills delight By Reuters – News Couple

Wall Street posts weekly gain on strong jobs report, Pfizer COVID-19 pills delight By Reuters

© Reuters. FILE PHOTO: Traders work at the New York Stock Exchange (NYSE) in New York City, US, October 20, 2021. REUTERS/Brendan McDermid

Written by Louis Krauskopf, Devik Jain and Bansari Mayor Kamdar

(Reuters) – Wall Street’s major indexes hit record highs at the close on Friday and posted solid gains for the week after a strong US jobs report and positive data for the week. Pfizer Experimental birth control pills against COVID-19.

The Nasdaq and Nasdaq hit their highest closing levels for their seventh consecutive sessions, while also closing at a record high. The three indices recorded weekly gains for the fifth consecutive week.

A Labor Department report showed employment in the United States increased more than expected in October as headwinds from an increase in COVID-19 infections ebbed during the summer.

Pfizer Inc’s (NYSE:) trial of an experimental antiviral pill for COVID-19 was halted early after the drug was shown to reduce 89% of the chances of hospitalization or death for adults at risk of serious illness. Pfizer shares jumped about 11%.

The news continued to keep stocks flowing after investors digested earlier in the week the Federal Reserve’s decision to begin reducing its monthly bond purchases to support the economy.

“The momentum we saw this week has continued, and the jobs report and Pfizer announcement certainly provide positive data points for investors to put more money in the market right now,” said Chuck Carlson, CEO of Horizon Investment Services in Hammond. , Indiana.

The Dow Jones Industrial Average increased 203.72 points, or 0.56%, to 36,327.95 points, the Standard & Poor’s increased 17.47 points, or 0.37%, to 4,697.53 points, and added 31.28 points, or 0.2%, to 15,971.59.

Over the week, the S&P 500 is up 2%, the Dow is up 1.42%, and the Nasdaq is up 3.05%.

Travel stocks rose after Pfizer’s announcement, with the S&P 1500 airlines index up 7%, cruise companies Carnival (NYSE: Corp), Royal Caribbean (NYSE:) Norwegian cruises and cruises are up between about 8% to 9%.

“It’s still too early to be definitive, but this[pill]feels like a real game-changer for a lot of industries like entertainment and transportation, and you see that reflected in the prices,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville. . New Jersey.

Among the S&P 500 sectors, energy and industry sectors led the way, rising 1.4% and 1%, respectively.

The healthcare sector was the only sector to end the negative, down 1%. The Pfizer news affected the shares of competitors such as Merck, which fell nearly 10%, and manufacturers of COVID-19 vaccines such as modern (NASDAQ 🙂 which fell by 16.6%.

Shares of the so-called ‘stay at home’ fell with Zoom video communication (NASDAQ: down 6.2% and Netflix Inc (NASDAQ :)) down 3.4%.

Better-than-expected third-quarter earnings helped lift sentiment toward stocks. With about 440 companies announced, S&P 500 earnings are expected to rise 41.5% in the previous year’s third quarter, according to Refinitiv IBES.

Shares of Pinterest (NYSE: Inc) rose 5.9% after the company’s strong forecast for fourth-quarter revenue.

Shares of Peloton Interactive (NASDAQ:) Inc fell 35.3% after the company cut its full-year sales forecast by as much as $1 billion.

Advance issues outnumbered declining issues on the New York Stock Exchange by 2.16 to 1; On the Nasdaq, the 1.22 to 1 ratio favored heights.

The S&P 500 hit 83 new 52-week highs and two new lows; The Nasdaq made 303 new highs and 80 new lows.

About 11.5 billion shares were traded on US stock exchanges, compared to the daily average of 10.5 billion shares over the last 20 sessions.

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