Wall Street books records, weekly gains on strong jobs report, Pfizer Covid-19 pill cheer | Malay Mail

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NEW YORK, Nov 6 — Wall Street’s main indexes scored record closing highs yesterday and booked solid gains for the week following a strong US jobs report and positive data for Pfizer’s experimental pill against Covid-19. The S&P 500 and the Nasdaq notched record high closes for their...

NEW YORK, Nov 6 — Wall Street’s main indexes scored record closing highs yesterday and booked solid gains for the week following a strong US jobs report and positive data for Pfizer’s experimental pill against Covid-19.

A trial of Pfizer Inc’s experimental antiviral pill for Covid-19 was stopped early after the drug was shown to cut by 89 per cent the chances of hospitalisation or death for adults at risk of developing severe disease. Pfizer shares jumped about 11 per cent. The Dow Jones Industrial Average rose 203.72 points, or 0.56 per cent, to 36,327.95, the S&P 500 gained 17.47 points, or 0.37 per cent, to 4,697.53 and the Nasdaq Composite added 31.28 points, or 0.2 per cent, to 15,971.59.

“Still early to be definitive but this looks like a true game changer for many industries like leisure and transportation, you’re seeing it reflected in the prices,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. Shares of so-called “stay-at-home” names fell, with Zoom Video Communications down 6.2 per cent and Netflix Inc off 3.4 per cent.

Peloton Interactive Inc shares slumped 35.3 per cent after the company slashed its full-year sales forecast by up to US$1 billion .

 

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