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Markets

US stocks open higher, extending November rally

  • The broad-based S&P 500 gained 0.3 percent to 3,640.69, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 12,174.06.
Published November 27, 2020

NEW YORK: Wall Street stocks rose early Friday, extending the November market rally as the holiday shopping season began in earnest amid worries over the coronavirus pandemic.

Forecasts for the shopping season are mixed, but stocks have strengthened this month as progress on Covid-19 vaccines offset concerns about spiking virus cases and investors have grown more confident about a peaceful transfer in power following the US presidential election.

About 15 minutes into trading, the Dow Jones Industrial Average was at 29,978.28, up 0.4 percent.

The broad-based S&P 500 gained 0.3 percent to 3,640.69, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 12,174.06.

All three major indices have hit records this week.

"The coronavirus situation remain dire with cases still relatively high and many businesses facing restrictions, but investors continue to look ahead to better times in 2021 with low rates, a vaccine and divided government," said a note from Briefing.com.

Markets were closed on Thursday because of the Thanksgiving holiday and will shutter at 1800 GMT in a holiday-shortened session. Trading volumes are expected to be low.

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