Wall Street Hits Record High After US Employment Data

Wall Street Hits Record High After US Employment Data

Major Wall Street indices hit record highs this Friday after data showed strong US job creation in October, which, with news of a new Pfizer drug against Covid-19, boosted confidence in prospects of economic growth.

Ten of the top 11 S&P sectors were advancing, with energy, finance, and industrial gaining more than 1% each.

The Russell 2000 index of small-caps was up 1.5%, also hitting a new peak.

The US Department of Labor report showed higher-than-expected job creation last month as Covid-19 infections declined, providing further evidence that economic activity is picking up steam at the start of the fourth quarter. .

Pfizer Inc jumped 9.3% after the company’s experimental antiviral drug for Covid-19 reduced by 89% the chances of hospitalization or death for adults at risk for severe disease.

Among the balances, Expedia group jumped 11% after the online travel agency posted strong third-quarter revenue, while Pinterest Inc rose 3.9% on positive fourth-quarter revenue forecast.

At 12:01 pm GMT, the Dow Jones index rose 0.89% to 36,448 points, while the S&P 500 gained 0.72% to 4,713 points. The Nasdaq technology index advanced 0.56% to 16,031 points.

Reference: CNN Brasil