Wall Street Gained While Shifting Towards Techs As Covid Cases Rise

On Thursday, the U.S. stock market ended higher, driven by technology stocks, which in the face of the return of anti-coronavirus containment steps are likely to do better than cyclicals. The Dow Jones index gained 0.15% to 29,483 points at the close, while the large S&P 500 index rose 0.39% to 3,581 points and the Nasdaq Composite, rich in technology and biotech stocks, rose 0.87% to 11,904 points.

The pattern was helped by Microsoft (up 0.63%), Apple (up 0.52%), Amazon (up 0.37%) and Adobe (up 1.51%) among the high-end stocks, as did Tesla (up 2.60%).

Investors remain divided between positive news on the front line of potential Covid-19 vaccines and, conversely, the rapid worsening of the U.S. health situation, which is threatening to slow down the economic recovery. In the United States, unemployment registrations rose again last week with the number of Covid fatalities now reaching 250,000 in the country. In one week’s time, Americans are being forced to give up their annual Thanksgiving tours, and New York City has closed its schools to curb the outbreak.

Among the most recent steps, New York Mayor Bill de Blasio declared Wednesday the closing of the city’s schools, which will move permanently from this Thursday to distance education. Across New York State, bars and restaurants are scheduled to close at 10 p.m. ever after 13 November. Meanwhile, since Monday, Chicago, the third-largest city in the country, has adopted lockdown measures.

On Thursday, the Centers for Disease Control and Prevention (CDC) advised Americans not to fly on November 26 for the Thanksgiving holiday, which is usually a chance to reunite with family in the United States. The CDC suggests wearing a mask and social distance for those who wish to fly anyway.

As number of Covid positive cases has been rising since October, more and more U.S. states are coming up with measures including lockdowns and new travel restrictions.

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