US Markets Close Mostly Higher

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2020-10-17 HKT 04:30

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  • Wall Street was generally higher, although the Nasdaq lost ground. File photo: Shutterstock

    Wall Street was generally higher, although the Nasdaq lost ground. File photo: Shutterstock

The Dow also joined the S&P in positive territory, both indexes snapping a three-day losing streak driven by halted vaccine trials and continued wrangling in Washington over a new pandemic relief package. But the Nasdaq ended the session slightly lower.

Even so, they all posted gains on the week.

Pfizer announced it could apply for US authorization for the Covid-19 vaccine it is developing with German partner BioNTech in November.

"The two highest-level market movers are the vaccine timeline and stimulus optimism," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. "Sometimes the market gets a reality check that even if we get a vaccine early next year that's an incredibly aggressive and optimistic timeline."

Retail sales in September blew past analyst expectations and consumer sentiment for the current month surprised to the upside, according to two separate economic reports. But with previous stimulus having run its course, the outlook is uncertain unless Washington can reach an agreement on a fresh round of fiscal aid.

"It's important from the retail sales data to see that the consumer is not just limping a long but exceeding expectations," Mayfield added. "I don't know how long this can continue without stimulus but it's heartening to see the consumer has held up pretty well despite some dire expectations."

On the stimulus front, US Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi that President Trump would "weigh in" with Senate Majority Leader Mitch McConnell if an agreement is reached on a new pandemic relief package. House Republican leader Kevin McCarthy, however, said he does not expect an agreement to be reached ahead of the Nov. 3 election as long as Pelosi is involved.

The Dow Jones Industrial Average rose 0.4 percent to 28,606, the S&P 500 gained 0.01 percent to 3,483 and the Nasdaq Composite dropped 0.4 percent to 11,671.

Third-quarter reporting season burst from the starting gate this week, with 49 of the companies in the S&P 500 having reported. Of those, 86 percent have cleared the low bar set by expectations, according to Refinitiv. (Reuters)