S&P 500 and Nasdaq rise as investors buy tech shares beaten up this week, Dow closes flat; European markets close higher as vaccine cheer persists
The S&P 500 and Nasdaq Composite rose on Wednesday as tech shares recovered some of their losses from earlier in the week at the expense of names who would benefit from an economic recovery. The broader-market index closed 0.8% higher and the Nasdaq jumped 2%. The Dow Jones Industrial Average — which had been the stalwart early this week — struggled, falling 21 points, or 0.1%.
Apple gained 3%. Netflix climbed 2.2%. Facebook and Amazon rose 1.5% and 3.4%, respectively. Alphabet closed 0.6% higher, and Microsoft was up by 2.6%. American Express fell 4.2% to lead the Dow lower. Boeing and Disney both lost at least 3%.
European stocks closed higher Wednesday, continuing to climb as hopes rise over a forthcoming coronavirus vaccine.
The pan-European Stoxx 600 closed up 1.1%, with utilities adding 2.6% to lead gains as most sectors and major bourses advanced. Corporate earnings remain a key driver of individual share price action, with German IT house Bechtle jumping 12.6% in early trade on the back of strong third-quarter results. Dutch bank ABN Amro fell 5.6% after beating profit expectations, but missing net interest income projections and offering cautious forward guidance.
BELELX was closed due to national holiday.
Source: CNBC, Ilirika