Dow Rises Sharply, Headed for Winning Week

Stocks rose on Friday as traders wrapped up a strong week amid decreasing political uncertainty and positive vaccine news.

The Dow Jones Industrials regained 73.31 points to open a shortened session at 29,945.78.

The S&P 500 recovered 12 points to 3,641.65,

The NASDAQ raced 120 points, or 1%, to 12,214.76.

U.S. markets were closed for the Thanksgiving holiday on Thursday. Friday’s session will close at 1 p.m. EST.

The Dow, S&P 500 and NASDAQ were all up at least 2% for the week entering Friday’s session. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time. The S&P 500 also notched a record closing high this week.

Stocks came into Friday’s session riding high in November thanks in part to a slew of positive coronavirus vaccine trial data.

Earlier this month, Pfizer and BioNTech said their vaccine was more than 90% effective. Moderna also said its drug was highly effective in a trial.

That data helped push the Dow up 12.8% in November, putting it on track for its biggest monthly gain since January 1987. The S&P 500 and NASDAQ came into the day 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%.

Retailers led the early gains as investors bet on strong Black Friday sales. Amazon shares advanced 0.8%. Gap gained 0.8%. Shopify advanced 0.7%, and Walmart rose 0.4%.

Also helping sentiment were comments from President Donald Trump, who said he would leave the White House if the Electoral College votes for President-elect Joe Biden.

Prices for the 10-Year Treasury regained lost ground, lowering yields to 0.85% from Wednesday’s 0.89%. Treasury prices and yields move in opposite directions.

Oil prices dropped 51 cents to $45.20 U.S. a barrel.

Gold prices slumped $29.10 to $1,782.10 U.S.