NEW YORK (Pakistan Point News / Sputnik - 02nd December, 2020) US stocks have an early start to the so-called "Santa Claus" rally, typical for the month of December, as the top equities index S&P 500 and the technology benchmark Nasdaq hit record highs based on the promise of the upcoming coronavirus vaccines.
The S&P 500, a barometer for the top 500 US stocks on the New York Stock Exchange, closed up 1.1 percent at 3,660 on Tuesday after hitting a record high at 3,678. For November, the S&P 500 rose 10.8 percent, its strongest advance since April.
The Nasdaq Composite Index, which counts on the performance of US tech stock giants such as Facebook, Apple, Amazon, Netflix and Google, settled up 1.3 percent at 12,355 after an all-time high of 12,405. Nasdaq gained 11. 8 percent in November, also the highest level since April.
The Dow Jones Industrial Average, Wall Street's broadest stocks gauge, rose 0.6 percent to 29,824. The Dow finished up 11.9 percent for November, for its largest ever rally since January 1987.
Progress in coronavirus vaccines reported by pharmaceutical giants Pfizer and Moderna have boosted US stocks and other risk assets since November. Both companies have said they expect to receive emergency use authorization for their coronavirus vaccines from the US food and Drug Administration as well as European health authorities.
US Health Secretary Alex Azar said Americans could expect to get their first immunizations against the coronavirus before Christmas.
