Nasdaq surges as investors return to tech, crude ends off highs
By Stephen Culp NEW YORK (Reuters) - Tech pushed the Nasdaq to close sharply higher and oil prices extended their rally on Wednesday, as hopes of potential COVID-19 were tempered by spiking coronavirus infections and the looming threat of a new round of lockdowns. While the S&P 500 also advanced, the blue-chip Dow ended the session slightly in the red.
By Stephen Culp
NEW YORK (Reuters) - Tech pushed the Nasdaq to close sharply higher and oil prices extended their rally on Wednesday, as hopes of potential COVID-19 were tempered by spiking coronavirus infections and the looming threat of a new round of lockdowns.
While the S&P 500 also advanced, the blue-chip Dow ended the session slightly in the red.
A return to technology-focused market leaders, which thrived during COVID shutdowns but sold off earlier in the week as investors pivoted to economically-sensitive cyclical stocks, put the Nasdaq out front.
"This week we saw a bit of rotation from growth back to value," said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. "That we're back to tech has to do with its oversold nature and there's a sense of safety in heavily capitalized technology companies."
Hopes for an end to the global health crisis gained strength after Pfizer Inc's
The news stoked investors' risk appetite across the board, and sent oil prices higher, building on two straight sessions of sharp gains.
But that optimism could be waning. The Dow Jones Transportation index <.DJT>, seen by many as a barometer of broader economic health, ended the session sharply lower.
"The news about the success of the vaccine trial is incredibly important," Keator added. "But investors should be mindful that while there is light at the end of the tunnel we still have a ways to go."
While on Tuesday the yield of benchmark U.S. 10-year Treasuries reached the highest level since March, on Wednesday the U.S. bond market was closed in observance of Veterans Day.
The Dow Jones Industrial Average <.DJI> fell 23.29 points, or 0.08%, to 29,397.63, the S&P 500 <.SPX> gained 27.13 points, or 0.77%, to 3,572.66 and the Nasdaq Composite <.IXIC> added 232.58 points, or 2.01%, to 11,786.43.
The momentum of vaccine hopes and encouraging comments from European Central Bank chief Christine Lagarde boosted European shares higher for the third straight session, offsetting worries over spiking coronavirus infections.
The pan-European STOXX 600 index <.STOXX> rose 1.08% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.77%.
Emerging market stocks lost 0.13%. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.2% higher, while Japan's Nikkei <.N225> rose 1.78%.
Crude oil prices edged higher, extending their rally and building on gains sparked by the notion of reviving demand and a steeper-than-expected decline in U.S. inventories.
The dollar gained ground against a basket of currencies and the safe-haven yen weakened on hopes that a medical solution to the pandemic could jump start economic growth.
The dollar index <.DXY> rose 0.28%, with the euro
The Japanese yen weakened 0.08% versus the greenback at 105.42 per dollar, while sterling
Gold prices slid, hurt by a stronger dollar and increased risk appetite which drew investors away from the safe-haven metal.
(Reporting by Stephen Culp; additional reporting by Tom Wilson; Editing by Sonya Hepinstall)
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