Wall Street climbs on vaccine hopes, upbeat retail sales data

Cornelia Mascio
Ottobre 17, 2020

Economists polled by Reuters had forecast 825,000 applications in the latest week.

Regional manufacturing indices for NY and Philadelphia showed a continued recovery, albeit at differing speeds. Stocks have recently faced selling pressure amid U.S. fiscal stimulus whiplash and mounting coronavirus cases globally. "You are seeing furloughs turn into full unemployment numbers", said Brian Walsh Jr., senior financial adviser at Walsh & Nicholson Financial Group.

USA stock index futures dropped on Thursday as investors braced for weekly jobless claims, which could compound fears of a stalling economic recovery a day after Treasury Secretary Steven Mnuchin dashed hopes for more fiscal aid before the election.

Hopes of another round of fiscal aid to support the United States economy's recovery helped fuel Wall Street's recent rally, bringing the S&P 500 and Nasdaq earlier this week to within 2% of their record closing highs from Sept 2.

With less than 20 days to Election Day, Trump and Democratic challenger Joe Biden will hold dueling prime-time town halls on Thursday instead of their second presidential debate, which was canceled after Trump declined to take part in a virtual matchup.

Morgan Stanley fell 0.8% in premarket trading ahead of its results which would wrap up earnings from major Wall Street lenders.

Unofficially, the Dow Jones Industrial Average .DJI rose 110.01 points, or 0.39%, to 28,604.21, the S&P 500 .SPX gained 0.58 points, or 0.02%, to 3,483.92 and the Nasdaq Composite .IXIC dropped 42.32 points, or 0.36%, to 11,671.56.

All major S&P sectors were lower, with energy stocks sliding 1.1% as oil prices tumbled more than 2% on worries about demand recovery.

The S&P 1500 airlines index shed 2.3% as United Airlines reported a 78% drop in quarterly revenue.

Shares of drug developer Vertex Pharmaceuticals Inc sank 9.4% premarket after it discontinued its trial of a protein deficiency disorder treatment.

Declining issues outnumbered advancing ones on the NYSE by a 1.30-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored decliners.

The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 22 new highs and 23 new lows.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE