Wall Street rises, Nasdaq hits record high on recovery hopes

REUTERS: Wall Street's main indexes rose and the Nasdaq hit a record high on Friday as optimism around an economic rebound next year outweighed concerns around an expected surge in coronavirus infections following the Thanksgiving holiday.

The three main U.S. stock indexes have gained more than 10per cent this month as investors were encouraged by signs that COVID-19 vaccines were on track to be rolled out in the weeks ahead, setting the S&P 500 for its best November ever. By 9:40 a.m. ET, the Dow Jones Industrial Average was up 131.92 points, or 0.44per cent, at 30,004.39, the S&P 500 was up 12.86 points, or 0.35per cent, at 3,642.51, and the Nasdaq Composite was up 79.33 points, or 0.66per cent, at 12,173.74.Nine of the 11 major S&P sectors were higher, with only the real estate and the utilities sectors, commonly considered defensive, trading lower.

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