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The S&P 500 closed at an all-time high on Friday, as traders focused on the good news about a potential COVID-19 vaccine and removed the current spike in infections.
The index closed 48 points higher, an increase of 1.4%, at 3,585. The Dow Jones Industrial Average, meanwhile, closed up 400 points, or 1.4%.
Markets surged after President-elect Joe biden
Joe Biden Biden spoke to some GOP senators, chief of staff said Trump told advisers he could announce 2024 candidacy soon after Biden’s victory is certified: report Obama is ‘troubled’ by GOP attempts to cast doubt on election results: ‘This is a dangerous path’victory, alongside probable GOP control over the Senate. The fate of the Senate will be decided in two ballots in January, which Democrats will have to win to take control of the chamber.
Markets tend to thrive under divided government.
They were also significantly boosted by Pfizer’s announcement that its COVID-19 vaccine candidate was 90% effective in early scans.
But markets seemed largely unfazed by a steady rise in infections, which have topped 100,000 for nearly two weeks, and have risen precipitously alongside hospitalizations and deaths.
A large number of states, including New York, Vermont, Idaho and Virginia, announced new restrictions, while New Mexico announced a two-week lockdown.
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