Despite the announcement of weak U.S. job figures in November, the four big U.S. stock indices ended Friday at new highs. Investors expect that this downturn in the job market will cause Congressional leaders to implement a new strategy to help the economy rapidly, perhaps before Christmas, as coronavirus cases continue to flare up across the country, pending vaccination. Following the OPEC deal, oil grew in order to steadily increase demand, returning to its highest levels in nine months.
The Dow Jones gained 0.83 percent to 30,218 points at the close, erasing its high on November 24 (30,046 points), while the large S&P 500 index rose 0.88 percent to 3,699 points. Rich in technology and biotech stocks, the Nasdaq Composite Index rose 0.70 percent to 12,464 points. Finally, after an increase of 2.37 percent, the Russell 2000 index, which tracks average stocks, also finished at a record high of 1,892 points.
The DJIA gained 1% during the week, the S&P 500 rose 1.7% and the Nasdaq gained 2.1%. Since the beginning of the year, the three indices have increased 5.8 percent, 14.5 percent and 39 percent respectively, despite their 20 percent decline in March-April during the first phase of the Covid-19 pandemic.
On Friday, producers of raw materials and base materials were also stronger than others as United States Steel Corporation (X), The Mosaic Company (MOS) and Alcoa Corporation (AA) increased their capitalization by more than 7%.
Payment systems companies, Visa Inc (V) and Mastercard Incorporated (MA) rose by 2.23 percent and 2.75 percent respectively.
Growth was observed in the stocks of semiconductor manufacturers. 1.87 percent was added by Advanced Micro Devices, Inc. (AMD). Intel Corporation (INTC) was 1.95 percent more expensive. Shares of the Applied Materials Inc (AMAT) rose by 3.18%.
The quarterly reporting season is coming to an end, but the dynamics of stocks continue to be affected. Shares of the electronic signature service DocuSign Inc (DOCU) grew by 5.29 percent after the publication of strong quarterly numbers. At the same time, after a poor outlook for the 4th quarter, Marvell Technology Group Ltd’s (MRVL) shares dropped by 4.70 percent.