Name: S&P 500 rises more than 1% to a record close to cap off strong week as big value rotation continues
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S&P 500 rises more than 1% to a record close to cap off strong week as big value rotation continues

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Wall Street points to a higher open following Thursday's sell-offU.S. stocks rose on Friday as investors bet again on stocks that would benefit from a potentially effective vaccine and economic recovery next year.The advanced 1.4% to 3,585.15, and posted a record closing high. The jumped 399.64 points, or 1.4%, to close at 29,479.81. The advanced 1% to 11,829.29. The , which tracks small-cap stocks, jumped more than 2% to an intraday record, and posted its first all-time closing high since August 2018. Shares of cruise operator Carnival rose more than 7%. United Airlines and Boeing were both up more than 5%. Disney closed 2.1% higher on the back of better-than-expected quarterly numbers. At the sector level, energy and industrials rose 3.8% and 2.2%, respectively, to lead the S&amp;P 500 higher. Financials were up more than 1%. Both the Dow and S&amp;P 500 logged strong weekly gains, boosted by Pfizer's news on Monday that the vaccine it is developing with BioNTech was more than 90% effective in a trial. This caused a rotation into the cyclical stocks that would benefit from an economic comeback next year. Investors dumped technology shares which have held up during the pandemic.The Dow rose 4.1% for the week, and the S&amp;P 500 closed 2.16% higher over that time period. The tech-heavy Nasdaq lost 0.6% this week, notching its third weekly loss in four weeks. "This week's positive vaccine news is a game-changer in our view, as it allows the market to look through the recent surge in COVID-19 cases to the impending end of the pandemic and broader reopening of the economy," .The rotation paused midweek as traders worried that a rising number of coronavirus cases could hit the economy significantly before a vaccine gets here.A showed average daily new cases are up by at least 5% over the past week in at least 47 states. Hospitalizations, meanwhile, rising in at least 46 states. On Thursday alone, more than 150,000 cases were confirmed in the U.S. The resurgence in coronavirus cases has also led some parts of the country to re-adopt stricter social-distancing measures. In Chicago, Mayor Lori Lightfoot asked residents to . In New York state, Gov. Andrew Cuomo said new .Phillip Colmar, partner at MRB Partners, wrote in a note that the global economic recovery "will be sustained, but the V-shaped portion is over, and we have already transitioned to a slower pace of two-steps forward and one back."Federal Reserve Chairman Jerome Powell also said Thursday the country's economic outlook remained uncertain. "With the virus spreading, the next few months could be challenging," he said.Subscribe to for exclusive insights and analysis, and live business day programming from around the world.Related TagsGot a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.&nbsp;© 2020 CNBC LLC. All Rights Reserved. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Data also provided by

Wall Street points to a higher open following Thursday's sell-offU.S. stocks rose on Friday as investors bet again on stocks that would benefit from a potentially effective vaccine and economic recovery next year.The advanced 1.4% to 3,585.15, and posted a record closing high. The jumped 399.64 points, or 1.4%, to close at 29,479.81. The advanced 1% to 11,829.29. The , which tracks small-cap stocks, jumped more than 2% to an intraday record, and posted its first all-time closing high since August 2018. Shares of cruise operator Carnival rose more than 7%. United Airlines and Boeing were...

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S&P 500 rises more than 1% to a record close to cap off strong week as big value rotation continues

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