S&P 500 Closes at Another Record in Mixed Wall Street Session

Wall Street

Key Points

  • The S&P 500 pushed to a second consecutive high at 3,669.01 after starting lower, rising 0.2 percent.
  • At 29,883.79, the Dow Jones Industrial Average rose 0.2%, while the tech-rich Nasdaq Composite Index fell 0.1% to 12,349.37.
  • Investors also focused on economic conditions in a somewhat downcast Federal Reserve report, with four out of twelve regions having little to no development, while four others saw activity continue to decrease last month.
  • Visit The Financial Today’s homepage for more stories.

NEW YORK — As investors assessed indicators of economic weakness triggered by growing cases of Covid-19 against further progress on vaccines, Wall Street stocks ended a choppy session mostly higher on Wednesday.

The S&P 500 pushed to a second consecutive high at 3,669.01 after starting lower, rising 0.2 percent.

At 29,883.79, the Dow Jones Industrial Average rose 0.2%, while the tech-rich Nasdaq Composite Index fell 0.1% to 12,349.37.

Payroll services provider ADP said that private employment increased last month by 307,000 positions, seasonally adjusted, but that increase lagged below the anticipated pace and was slower than the upwardly updated gain of 404,000 in October.

Investors also focused on economic conditions in a somewhat downcast Federal Reserve report, with four out of twelve regions having little to no development, while four others saw activity continue to decrease last month.

Yet investors welcomed news Britain approved the Pfizer-BioNTech vaccine, a significant phase in its attempts to shift the world economy past the coronavirus pandemic.

Pfizer shares were also pushed 3.5 percent by the report.

Another major winner was Dow member Boeing, which rose by 5.1 percent when American Airlines conducted a media test flight of the 737 MAX in the new attempt to reassure the flying public after two fatal accidents that ended in the aircraft being grounded for a long period.

Shares have obtained encouragement from reports Boeing is close to announcing new orders with Ryanair to provide additional MAX aircraft to the Irish carrier.

After revealing a $27.7 billion takeover of Slack Technology, Salesforce fell 8.6 percent, providing the enterprise software firm a larger variety of tools as the pandemic sparks a trend toward remote work.

The deal was challenged by several observers, including whether the price was too high. Slack dropped 2.6 percent.

Image by sachab. AFP contributed to this story.

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