S&P 500, Nasdaq Composite clinch record closes Tuesday to start first session in December
U.S. stock benchmarks on Tuesday ended solidly higher, though off their richest levels of the session. The gains, however, were enough to register an all-time closing high for the S&P 500 index and the Nasdaq Composite Index , as the optimism behind the November market rally extended into a new month and investors appeared to pin bullishness on the day to hope for further fiscal relief from Washington, even if the roadmap to get there appears unclear, to combine with progress on progress on vaccine candidates. The Dow Jones Industrial Average , meanwhile, rose 0.6% to close at 29,824, finishing off its intraday peak at 30,083.31, which would have taken it to a record close. The S&P 500 finished the session up 1.1% to 3,662, and the Nasdaq Composite Index rose 1.3% to end at a record 12,355. Market gains came as the 10-year Treasury yield rose to its highest level in 3 weeks at around 0.93%, perhaps, putting some pressure on risk assets even as it suggests that investors are betting on a better economy next year in the aftermath of the COVID-19 pandemic. Negotiations in D.C. tied to a fresh round of fiscal aid helped to bolster markets but no clear agreement has emerged. Investors also were awaiting the confirmation of a reported acquisition of Slack [: WORK] by Salesforce.com (CRM), in a deal valued at $27.7 billion.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 01, 2020 16:10 ET (21:10 GMT)
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