Stocks closed slightly higher on Thursday as traders increased their exposure to major tech names amid a rising number of coronavirus cases.
The Dow Jones Industrials found their way into positive territory 44.81 points to finish Thursday at 29,483.23.
The S&P 500 gained 14.08 points to 3,581.87.
The NASDAQ gained 103.11 points to 11,904.71. It was the first gain for the major averages in three sessions.
Netflix added 0.6%, and Amazon gained.4%. Alphabet rose 1%, and Microsoft closed higher by 0.6%. Apple rose 0.5% and Facebook ended the day up 0.4%.
Stocks have ripped higher this month amid clarity following the U.S. election and the positive news on potential coronavirus vaccines.
Preliminary data released earlier on Thursday University of Oxford and AstraZeneca’s vaccine candidate triggered a similar immune response among all adults.
Oxford and AstraZeneca’s data came a day after Pfizer and BioNTech said their Covid-19 vaccine candidate was 95% effective.
Stocks also got a boost after Senate Minority Leader Chuck Schumer, , said Majority Leader Mitch McConnell had agreed to resume negotiations on new fiscal stimulus.
The U.S. Labor Department said that 742,000 Americans filed for unemployment benefits in the week of Nov. 14, topping a Dow Jones estimate of 710,000.
Meanwhile, the number of U.S. coronavirus cases keeps rising, dampening the upbeat sentiment seen in the market earlier in November. An analysis of Johns Hopkins University data found that the seven-day average of daily new U.S. coronavirus infections is now at 161,165, up 26% from last week. In total, more than 11.5 million coronavirus cases have been confirmed.
This recent uptick in Covid-19 cases has prompted some parts of the country to retake stricter measures to curb the virus spread. New York City Mayor Bill de Blasio ordered schools to close for in-person learning “out of an abundance of caution.”
Thursday’s losses were kept in check, however, after the release of preliminary data showed University of Oxford and AstraZeneca’s vaccine candidate triggered a similar immune response among all adults.
Wall Street was coming off a downbeat session, with the Dow and S&P 500 each falling more than 1% on Wednesday and the NASDAQ pulling back by 0.8%.
Despite Wednesday’s struggle, Wall Street has still seen a strong November, boosted in large part by positive news around potential coronavirus vaccines. The S&P 500 has gained 9.1% month to date, while the small-cap Russell 2000 hit an intraday record high on Wednesday.
Prices for the 10-Year Treasury were higher, weighing yields to 0.85% from at Wednesday’s 0.87%. Treasury prices and yields move in opposite directions.
Oil prices inched higher eight cents to $41.90 U.S. a barrel.
Gold prices lost eight dollars to $1,865.90 U.S.