Stocks Rise to 10-Week High With Rally in Big Tech: Markets Wrap

Apple and Amazon.com pace the advance in megacap shares
Russell 2000 index of smaller companies halts two-day surge

Equity markets going higher in U.S., Emerging Markets, says Joyce Chang, chair of global research at JPMorgan Chase & Co.Source: Bloomberg

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By Rita Nazareth and Claire Ballentine

November 10, 2020 at 9:54 PM UTC

Updated on

November 11, 2020 at 9:16 PM UTC

This article is for subscribers only.

Stocks climbed as giant tech companies rallied in a shift back to the safety trade that has powered this year’s gains amid speculation the economic recovery will be slow with a virus resurgence.

The S&P 500 rose to the highest since Sept. 2, while the Nasdaq 100 jumped more than 2%. Heavyweights Apple Inc. and Amazon.com Inc. surged alongside some stay-at-home shares that were hit hard by this week’s selloff such as Zoom Video Communications Inc. The Dow Jones Industrial Average underperformed, and banks slumped. The Russell 2000 Index of smaller stocks halted a two-day rally which was driven by expectations that a return to normal would be on the horizon after positive vaccine developments. Treasury futures were little changed, with the cash market closed for a U.S. holiday. The dollar advanced.