Sat, 16 Jan 2021

U.S. stocks finish higher as energy rallies

Xinhua
24 Nov 2020, 08:30 GMT+10

NEW YORK, Nov. 23 (Xinhua) -- U.S. stocks ended higher on Monday, buoyed by a jump in energy sector.

The Dow Jones Industrial Average rose 327.79 points, or 1.12 percent, to 29,591.27. The S&P 500 increased 20.05 points, or 0.56 percent, to 3,577.59. The Nasdaq Composite Index was up 25.66 points, or 0.22 percent, to 11,880.63.

Seven of the 11 primary S&P 500 sectors advanced, with energy closing up 7.09 percent, leading the gains. Real estate slipped 0.34 percent, the worst-performing group.

U.S.-listed Chinese companies traded mostly lower, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

Traders closely followed fresh news on COVID-19 vaccines.

Earlier this month, U.S. drugmakers Pfizer and Moderna announced that their respective coronavirus vaccine candidates were around 95 percent effective.

"The extent of market gains on a spree of positive vaccine announcements over recent weeks has been capped by more worrying short-term news on the spread of the COVID-19 virus and renewed restrictions on activity," UBS Global Wealth Management's Chief Investment Officer Mark Haefele said in a note on Monday.

"We believe that medium-term positives will outweigh short-term worries, allowing markets to move higher. For the greatest upside potential, however, we recommend investors diversify into the next leg of the recovery, increasing exposure to select cyclical sectors that have lagged so far during 2020," he said.

For the week ending Friday, the Dow declined 0.7 percent, the S&P 500 fell 0.8 percent, and the Nasdaq climbed 0.2 percent, amid coronavirus worries.

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