Wall Street Rallies at the End of the Session on Hopes of A Support Plan

The flagship Dow Jones index closed up 0.20% to 29,883.79 points. The technology-dominated NASDAQ dropped 0.05% to 12,349.37 points.

The broader S&P 500 index rose 0.18% to 3669.01 points, posting a new record seven points above the previous one set the day before.

On Tuesday, the NASDAQ and the S&P 500 had already set records, buoyed by the positive news about COVID-19 vaccines.

The Toronto Stock Exchange closed higher on Wednesday and the Canadian dollar ended the session at a two-year high.

The Toronto Floor S & P / TSX Composite Index climbed 61.28 points to 17,385.21 points.

In the currency market, the Canadian dollar traded an average of 77.32 cents US, up from its average rate of 77.21 cents US the previous day.

Catching a breath on Wednesday, Wall Street opened lower after profit taking and the ADP survey showing weaker than expected US private sector job creation for November.

“Stocks came out of a hole early in the day to close roughly higher, but little change,” Schwab analysts commented.

The Dow Jones and the S&P 500 swung into positive territory in the early afternoon when Democratic Congressional officials Nancy Pelosi and Charles Schumer said they supported a bipartisan budget support proposal for the economy of $ 908 billion. dollars.

Investors also digested the publication of the Fed’s Beige Book, the latest economic report before a Central Bank meeting in two weeks.

The survey shows that eight of the twelve regions either experienced little or no growth or a decrease in their activity.

Among stocks, Pfizer (+ 3.53%) took advantage of the announcement by the British drug agency of the approval of its vaccine in partnership with BioNTech (+ 6.21%) against COVID-19, a first in the western world.

Salesforce, the specialist in customer relationship technologies, lost 8.52% in the wake of its announcement of the takeover of the corporate courier group Slack (-2.58%) at a high price of 28 billion dollars.

Boeing climbed 5.09% after press reports that the automaker was preparing to secure a 737 Max order from Ryanair. This plane grounded around the world in March 2019 after two close accidents, is due to fly back to the United States at the end of the month.

Stocks in the energy sector recovered well (+ 3.15%) thanks to a rebound in oil prices, with investors positively interpreting the signals emanating from the ongoing negotiations on production quotas in the main exporting countries.

The bond yield on 10-year Treasury bills rose to 0.9393% from 0.9260% the day before.

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