Name: S&P 500 hits all-time closing high after earnings, oil drops on pandemic worry
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S&P 500 hits all-time closing high after earnings, oil drops on pandemic worry

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By NEW YORK (Reuters) - Wall Street jumped on Friday as encouraging earnings stoked risk appetite and President-elect Joe Biden’s COVID advisory team said it was not considering a nationwide shutdown, but oil prices slid as Libyan output rose and investors worried the resurgent pandemic could hurt global demand.The bellwether S&amp;P 500 and the small cap Russell 2000 both reached record closing highs.“Profits have been refreshingly healthy,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “It’s really a credit to companies’ ability to adapt and grow even in the face of the crisis.”President-elect Joe Biden’s pandemic advisory board said there was no plan to enact a nation-wide shutdown.“The recent vaccine headlines have clearly been a positive but there is still uncertainty and concerns regarding shutdowns,” Carter added. “Biden’s recent indication that the U.S. economy may remain open certainly helps market sentiment.”The S&amp;P 500 and the blue-chip Dow posted their second straight weekly gains, and their best two-week runs since April, while the tech-heavy Nasdaq ended the session below last Friday’s close.Economic data released on Friday showed consumers were growing more pessimistic, while tepid inflation reflected slack labor markets and sluggish demand.Related CoverageEuropean stocks ended flat as rising fears of economic damage from the pandemic offset recent vaccine optimism. Still, the benchmark index notched its second straight week of gains.U.S. Treasury yields were mixed as investors consolidated positions ahead of the weekend and remained cautious given the surge in coronavirus cases. But the yield curve steepened on Friday, after flattening the previous session.U.S. crude dropped 2.41% to settle at $40.13 per barrel, while Brent settled at $42.78 per barrel, down 1.72% on the day.The dollar was down, but safe-haven yen and Swiss franc currencies strengthened, reflecting a loss of risk appetite driven by vaccine hopes.The dollar index fell 0.23%, with the euro up 0.23% to $1.1831.Gold prices rose as rising global coronavirus infections sparked renewed fears over the pandemic’s economic toll.Spot gold added 0.6% to $1,887.78 an ounce.Reporting by Stephen Culp; Editing by David GregorioOur Standards:

By NEW YORK (Reuters) - Wall Street jumped on Friday as encouraging earnings stoked risk appetite and President-elect Joe Biden’s COVID advisory team said it was not considering a nationwide shutdown, but oil prices slid as Libyan output rose and investors worried the resurgent pandemic could hurt global demand.The bellwether S&amp;P 500 and the small cap Russell 2000 both reached record closing highs.“Profits have been refreshingly healthy,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York. “It’s really a credit to companies’ ability to adapt and grow even...

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Andrew Galbraith

Stephen Culp

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S&P 500 hits all-time closing high after earnings, oil drops on pandemic worry

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