London Capital Group | Dec 09, 2020 08:21
MARKETS
The S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer (NYSE:PFE) started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite climbed 0.5%. Dow Inc., Johnson & Johnson and 3M (NYSE:MMM) were among the best-performing Dow stocks, rising more than 1% each. Energy led the S&P 500 higher, popping more than 1.5%. Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%. The pan-European Stoxx 600 index closed up by 0.2%. Bonds and Gold were bid. Bitcoin was sold back below $19k.
U.S. worker productivity increased strongly in the third quarter. The pace of growth was likely overstated, however, as the sharp rebound in output from the Covid-19 pandemic recession has far outpaced employment gains. Nonfarm productivity, which measures hourly output per worker, increased at a 4.6% annualized rate last quarter, the Labor Department said.
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