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Traders work on the floor of the New York Stock Exchange.
NYSE
Stocks rallied on Friday as traders closed a strong week amid easing political uncertainty and positive vaccine news.
The Dow Jones Industrial Average was trading higher by 68 points, or 0.3%. The S&P 500 gained 0.3% and the Nasdaq Composite gained 0.6%.
The CBOE Volatility Index (VIX), Wall Street’s favorite fear index, fell below 20 for the first time since late February.
The Dow, the S&P 500 and the Nasdaq all posted a rise of at least 2% for the week entering Friday’s session. Earlier in the week, the Dow jumped to an all-time high, surpassing 30,000 for the first time. The S&P 500 also set a closing record this week and the Russell 2000 hit an all-time high.
Retailers led early gains as investors bet on strong Black Friday sales. Amazon shares were up 0.8%. The gap gained 0.8%. Shopify was up 0.7% and Walmart was up 0.4%.
Also helping the sentiment were the comments of President Donald Trump, who said he would leave the White House if the Electoral College votes for President-elect Joe Biden.
“I certainly will. I certainly will. And you know it,” Trump said. He added, however, that it would be difficult for him to admit because “we know there has been massive fraud.” However, Trump has provided no concrete evidence of widespread voter fraud.
Historical month for stocks
The stocks arrived in the session on Friday in November, thanks in part to a series of positive data on the studies on the coronavirus vaccine.
Earlier this month, Pfizer and BioNTech said their vaccine was over 90 percent effective. Moderna also said that his drug was very effective in one trial.
That data helped propel the Dow up 12.8% in November, putting it on track to its largest monthly gain since January 1987. The S&P 500 and Nasdaq were up 11% and 10%. 8%, respectively, in November. Meanwhile, the small-cap Russell 2000 is on track for its best month ever, up nearly 20%.
Strong gains in November were driven by depressed value stocks as positive vaccine news ignited hope for a strong economic recovery.
The iShares Russell 1000 Value (IWD) ETF gained 14.7% this month. Its growing counterpart, iShares Russell 1000 Growth ETF (IWF), gained 9.2% over that period.
“As we move closer to that ultimate healthcare solution … we are starting to see market participation broaden and rotate in some of the worst affected sectors during this pandemic,” said Bill Northey, senior investment director in the US Management of bank assets. “When we turn to the coroner, it will allow for the return of repressed economic activity.”
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