Stocks were solidly higher in Friday late-afternoon trading, recovering some of the declines markets posted the day before as investors became increasingly worried about rising coronavirus infections and their impact on the U.S. and global economy.
The S&P 500 rose 1.2% as of 3:20 p.m. Eastern, with the Dow Jones Industrial Average rising 1.3% and the Nasdaq composite up 0.8%. The market was being lifted by energy, real estate and companies that rely on consumer spending, while big technology companies floated between gains and losses. The market has been steadily climbing all day and was near its highs for the day, with both the S&P 500 and the Russell 2000, an index that is made up of mostly small companies, were both approaching their all-time highs.
One exception in technology was Cisco, which jumped 7% on the back of better-than-expected earnings.
Reports of surging COVID-19 cases have had a sobering effect on markets, which had advanced on hopes for a vaccine and expectations that pro-business policies will continue after last week’s U.S. elections. Earlier in the week, markets had rocketed higher in response to news that a vaccine could be coming shortly. But even if a vaccine is finalized soon, it will