Wall Street’s main indexes hit record highs in a broad-based rally on Friday as data showing strong jobs growth in October, coupled with Pfizer’s COVID-19 pill update, boosted sentiment about economic growth. Ten of the 11 major S&P sectors advanced in early trading, with economy-sensitive energy, financials, and industrials gaining more than 1 percent each. The small-cap Russell 2000 index added 1.5 percent, also scaling a record peak. The Labor Department’s report showed U.S. employment increased more than expected last month as COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter. “Today’s release is affirmation that the economy is on the right footing and there exists a possibility that the Santa Claus rally could be one of the strongest in recent memory,” said Peter Essele, head of portfolio management for Commonwealth Financial Network. Pfizer Inc. jumped 9.3 percent after …
Wall Street Extends Record Rally on Strong Jobs Report
November 5, 2021
admin
Business & EconomyBusinesses in COVID-19Companieseconomic policiesEconomieseconomygainsinflationInvestmentjobsLocal NewsMarketsNew YorkNY NewsoctoberpayrollsPfizerpillRegional-Local NewsUSUS NewsWall Street
0 Comment