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The S&P 500 and NASDAQ rose on Wednesday as tech shares recovered some of their losses from earlier in the week at the expense of names which would benefit from an economic recovery.
The Dow Jones Industrials checked its winning streak at two, falling 23.29 points to 29,397.63.
The S&P 500 advanced 27.13 points to 3,572.66
The NASDAQ took on 232.57 points, or 2%, to 11,786.43.
Apple gained 3%. Netflix climbed 2.2%. Facebook acquired 1.5%, and Amazon rose 3.4%. Alphabet closed 0.6% higher, and Microsoft was up by 2.6%.
American Express fell 4.2% to lead the Dow lower. Boeing and Disney both lost at least 3%.
Tech and consumer discretionary, the worst-performing sectors this week, outperformed on Wednesday. Tech was up by more than 2%, and consumer discretionary gained 1.5%.
The best-performing sectors this week, energy and financials, lagged. Energy was down 0.8%, while financials lost 0.5%. Energy remains up more than 16% week to date despite Wednesday’s decline; financials are still 8.4% higher over that time period.
Eli Lilly’s antibody drug was cleared by the Food and Drug Administration for emergency use late Monday. The agency said the drug could be used to treat mild-to-moderate cases of Covid-19 in patients who are older than 12 years old.
The vaccine and antibody drug news comes as the United States once again topped its prior day record of daily new Covid-19 infections, on a seven-day average, while also crossing the bleak milestone of more than 10 million cases nationwide on Monday.
The seven-day average of daily new cases Monday was 108,964, a 37% increase from a week ago, according to an analysis of data from Johns Hopkins University.
The bond market was closed Wednesday due to the Veterans Day holiday.
Oil prices nosed ahead 19 cents to $41.55 U.S. a barrel.
Gold prices dipped $14.00 to $1,862.40
