Wall Street Hits Highest Record Again

Wall Street Hits Highest Record Again. Wall Street rose ahead of the first weekend of November. In fact, Wall Street's three major indexes are heading for record highs again. Friday (5/11) at 21:05 WIB, the Dow Jones Industrial Average rose 0.96% to 36,471. The S&P 500 index was up 0.66% at 4,710. While the Nasdaq Composite rose 0.68% to 16,047. Data showed strong job growth in October. The good news also comes from the positive earnings of the issuer and the renewal of Pfizer's Covid-19 pills, which adds to the positive sentiment of economic growth.

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A United States Department of Labor report showed employment increased more than expected last month. The easing of Covid-19 infections over the summer caused economic activity to gain momentum early in the fourth quarter.

Based on Bloomberg data, the Dow Jones Industrial Average rose 0.39 percent to 3,052.63, while the S&P 500 closed up 0.37 percent at 4,630.65 and the Nasdaq Composite rose 0.34 percent to 15,649.60. The index's gains on Wall Street were driven by a rally in large-cap stocks, amid sustained profit margins, despite soaring commodity prices and disrupted supply chains. Pfizer Inc's share price jumped 10.8% in premarket trading after the drugmaker's experimental antiviral pill for Covid-19 cut 89% the chance of hospitalization or death for adults at risk of severe illness.

Shares of travel issuers rose following the news. Shares with American Airlines, United Airlines, Delta Air Lines, cruise operator Carnival Corp and Norwegian Cruise rose between 5.6% and 5.9%. "The market was up a lot before with the Pfizer news, but now it really feels like the end of the pandemic," Thomas Hayes, managing director of Great Hill Capital LLC, told Reuters.

The outstanding third-quarter reporting season, coupled with buoyant earnings growth prospects and the central bank in no rush to raise interest rates, has boosted investor appetite for the stock market. The hikes address concerns over inflation, supply chain disruptions and labor shortages.

The S&P 500 and Nasdaq hit record closing highs for the sixth day in a row on Thursday. Meanwhile, the U.S. House of Representatives is expected to vote on Friday on a social policy, climate change bill and a bipartisan infrastructure bill.

Many companies have been able to pass the increased costs on to consumers, with the majority recording above-estimated revenue. Regardless of the Fed's decision on Wednesday (3/11), there is a perception that the US benchmark interest rate will still be relatively low, which bodes well for the stock market. Northern Trus chief investment officer Katie Nixon said the stock's fundamentals were very strong, because although economic growth was delayed, it looked like it was still on track until 2022. “The Fed will hold interest rates longer than the market expects. So this is really a constructive environment for risk assets," Nixon said, as quoted by Bloomberg, Tuesday (2/11/2021). Two-year US Treasury bond yields trailed global short-term rate cuts following the Australian central bank's dovish remarks ahead of the Fed's decision. Although the U.S. central bank is expected to start easing its asset-buying program soon, economists surveyed by Bloomberg differ on whether to raise interest rates next year or early 2023.