Cyclicals led gains on Wall Street as data showed monthly business activity expanded at the fastest rate in more than five years. — Reuters pic
Energy shares got a boost from another gain in oil prices, which have risen on anticipation a vaccine will help demand recover. Declines in technology and tech-related heavyweight names such as Apple Inc and Netflix Inc muted gains as investors rotated out of stocks seen as safe bets following a coronavirus-led crash earlier this year.
“The Treasury is probably more important than congress in getting the next stimulus package through. This removes a huge roadblock.” AstraZeneca Plc yesterday became the latest major drugmaker to say its vaccine could be around 90 per cent effective, while the US health regulator is likely to approve in mid-December the distribution of Pfizer Inc's vaccine.Sentiment was dented by new lockdowns to contain a surge in coronavirus infections. Nevada on Sunday tightened curbs on casinos, restaurants and bars, while imposing a broader mandate for face-coverings over the next three weeks.
Tesla Inc shares surged 6.58 per cent to move closer toward hitting US$500 billion in market capitalization ahead of its inclusion in the S&P 500 next month.