U.S. stocks climbed to new heights on Friday during a shortened trading session, closing at 1 p.m. Eastern time after being closed Thursday for the Thanksgiving holiday. The new highs were led by gains in technology companies that propelled the Nasdaq to a record-high close.
The S&P 500 finished at an all-time high, rising 8.7 points, or 0.2% to 3,638.35 while scoring its third weekly gain in the past four weeks. The Nasdaq gained 111 points, or 0.9%, to end at 12,206. The Dow, which earlier this week crossed 30,000 for the first time, rose 0.1% to 29,910.
Despite signs the economy is losing steam, major indexes have shown double digit growth so far this month as investors have been encouraged by progress in getting a coronavirus vaccine approved and distributed. Pfizer and Moderna have released results showing their vaccines proved highly effective against COVID-19 in testing.
Pfizer’s vaccine could begin distribution next month if approved by the Food and Drug Administration.
“Alternating between ‘Walking on Sunshine’ and ‘Future’s so Bright I Gotta Wear Shades,’ the markets are looking forward to the impact of the vaccine and not at the high/rising Covid cases,” Paul Nolte, senior vice president at Kingsview Wealth Management, observed in a weekly client’s note.