Nov 13, 2020
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NEW YORK (AP) — Stocks were moderately higher in Friday morning 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 0.8% as of 9:50 a.m. Eastern, with the Dow Jones Industrial Average and Nasdaq Composite posting similar gains. The market was lifted by the same stocks that have dominated this year’s gains: big technology companies such as Cisco Systems, Amazon and Microsoft.
The S&P 500 is on pace for a weekly gain of 1.6%.
Reports of surging COVID-19 cases have had a sobering effect on markets that 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 take months for it to be distributed throughout the U.S. and around the globe.
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