Job growth was lower than expected in November but that result raised hopes that a new fiscal relief bill will be agreed. Energy, materials and industrials rose the most. The Dow Jones index closed higher by 249 points or 0.8%. The S&P 500 index rose by 0.9%. And the Nasdaq index rose by 87 points or 0.7%. Over the week the Dow rose 1.0%; S&P 500 rose 1.7%; and the Nasdaq rose by 2.2%.

There are media reports that Pfizer cut rollout targets for its vaccine. Shares in Boeing rose 6% after budget airliner Ryan Air ordered an additional 75 of its 737 MAX jets. Shares in Tesla rose 4.3% on a broker upgrade. After being up 227 points, the Dow Jones index closed higher by 86 points or 0.3%. The S&P 500 index fell 0.1%. And the Nasdaq index rose 28 points or 0.2%.

US Senate Majority Leader Mitch McConnell rejected a bipartisan proposal for a US$908 billion stimulus package. US President-elect Joe Biden said that he would not immediately remove Chinese tariffs. Salesforce (-8.5%) shares slid after analysts called its US$27.7 billion purchase of Slack Technologies (-2.6%) “expensive”.

US sharemarkets rose overnight, recovering from the softer tone of a day earlier, as hopes for US fiscal stimulus increased after a bipartisan group of US lawmakers proposed a US$908 billion Covid-19 relief bill.

Investors took profits. S&P 500 energy sector shares dipped 5.4% as crude oil prices fell. Shares of Chevron (-4.5%) and Dow (-4.3%) led the Dow Jones index lower. But Moderna shares rallied 20.2% after it unveiled plans to apply for US and European emergency authorisation for its Covid-19 vaccine.

Reuters summed it up: “The Nasdaq outperformed as investors favored tech-related, market-leading stocks that have fared well during the pandemic, while economically sensitive cyclical stocks weighed.”

Local shares eased in early trade on Friday, led lower by the sectors that have been the most improved over the month – Energy and Financials. Shares in Bega Cheese jumped by 9%, with investors encouraged by its acquisition.

US sharemarkets were closed for observance of Thanksgiving Day on Thursday while the European sharemarkets were little changed. The pan-European STOXX 600 index fell by just 0.1%.

Local shares consolidates as sellers tending to get upper-hand. Financials and energy stocks weigh after recent gains.

US sharemarkets were mixed on Wednesday as traders pored over disappointing jobs data ahead of the Thanksgiving Day holiday. The Dow Jones index closed lower by 173 points or 0.6%. The S&P 500 index was down by 0.2% but the Nasdaq index rose.

US sharemarkets advanced on Tuesday with the Dow Jones index breaking 30,000 points for the first time. President-elect Biden was formally permitted to begin the transition process and there was continued optimism about progress of a vaccine.

US sharemarkets advanced on Monday on positive vaccine developments from AstraZeneca and the University of Oxford and also on reports that US President-elect Joe Biden plans to nominate former US Fed Chair Janet Yellen to be US Treasury Secretary.

ASX set for a positive start despite the negative lead from Wall Street on Friday.

The rising number of coronavirus cases weighed on utilities but supported ‘stay-at-home’ stocks in the technology sector. Shares in Alphabet (Google) rose 1.0% with Amazon up 0.4%.

The ASX 200 is set to open lower on Friday, following in the footsteps of US markets overnight, which closed around session lows and ended a run of gains that saw the broader US market rise by 9% since the start of last week.

Growth stocks outperformed value shares in an apparent shift back to the safety trade that has powered this year’s gains. Shares of technology companies rebounded – after being hit hard earlier this week – as investors bet that the US economic recovery will be slow due to the virus resurgence.

The Aussie sharemarket is remaining near eight-month highs and has surged by close to 6 percent over the past week. The ASX 200 is up 1.2 percent to 6,422 on Wednesday, with all sectors lifting strongly at lunch.

Investors ditched growth stocks in favour of value stocks. Tech shares continued to retreat. Apple (-0.3%) introduced its first notebook computer with an Apple-designed microprocessor.

A large-scale coronavirus vaccine study delivered promising results. US drugmaker Pfizer (+7.7%) and its German partner BioNTech (+13.9%) said data from the trial of their vaccine showed it was more than 90% effective in preventing COVID-19.

Gains have been widespread as every sector makes advances. Leading the charge have been the materials, IT and communications, all with improvements of at least 2%. Energy, financials and utilities are seeing the smallest lifts.

US Senate Majority Leader Mitch McConnell said Congress should enact a smaller, targeted coronavirus stimulus package. At the close of trade, the Dow Jones index was lower by 67 points or 0.2%.

The index remains firmer and is 40 points or 0.67% at 6,180 around midday. Today’s gains are also adding to what has been a positive week for local shares with the Aussie market ~4% higher.

There were hopes that the winner of the US election would soon be determined with Joe Biden on the brink of claiming the presidency. Investors bought technology and healthcare firms on bets that a divided US Congress would mean no major tax hikes or regulatory changes that would derail the sectors.

Investors concluded that neither US presidential candidate would have a mandate to implement significant changes, including changes on taxes. Healthcare rose 4.5% with technology up 3.9%.

Investors hoped that a clear winner would emerge from the US presidential election and a contested result would be avoided. The lead for Democratic Party nominee Joe Biden in national opinion polls raised expectations for a decisive outcome.

It was a choppy trading session as investors braced for Tuesday’s US presidential election. Mega cap technology shares slid with Facebook (-0.7%), Amazon (-1%), Apple (-0.1%) and Microsoft (-0.1%) all lower.

Shares in Apple lost 5.6%, Amazon fell 5.5%, Twitter lost 21.1% and Facebook fell 6.3%. But Alphabet (Google) rose by 3.8%. The Dow Jones index fell by 157.5 points or 0.6%. The S&P500 index fell by 1.2% and the Nasdaq index fell by 274 points or 2.5%.

Investors were encouraged by better-than-forecast US economic data and optimism about big tech earnings. Shares of Apple (+3.7%), Amazon (+1.5%) and Alphabet (+3.1%) rose before their results. Facebook (+4.9%) and Twitter (+8%) shares jumped after Pinterest (+26.9%) forecast a rebound in ad spending.

Big tech companies – Apple (-4.6%), Alphabet (- 5.5%), Amazon (-3.8%) and Facebook (-5.5%) – which are due to report results on Thursday, weighed heavily on indexes. Microsoft shares slid 5.1% after a disappointing forecast.

Sentiment was dented by the rising number of new COVID-19 cases and an inability by lawmakers to push forward on new fiscal stimulus.

There are concerns that soaring coronavirus cases will weaken the US economy. Sentiment also took a hit after White House economic director Larry Kudlow said that President Donald Trump can’t accept parts of the Democrats’ proposed stimulus bill.

In choppy trade investors continued to monitor developments in talks over a stimulus package. Shares in Intel lost 10% after reporting a drop in margins. And shares in American Express fell 3.6% after third-quarter profit missed estimates.

US House speaker Nancy Pelosi said a deal on new coronavirus aid was “just about there”, despite continued opposition from the Republican-controlled Senate. Shares of JPMorgan Chase gained 3.5% as the 10-year US Treasury yield hit 4-month highs on stimulus hopes. AT&T shares rallied 5.8% after the phone giant added more wireless subscribers than analysts estimated. Tesla shares climbed 0.8% after reporting its fifth consecutive quarterly profit on record revenue of US$8.8 billion. Coca-Cola shares gained 1.4% as it beat quarterly results expectations. Dow shares rose 0.6% after its solid profit result. Chipotle Mexican Grill shares fell 4.9% as it posted a drop in quarterly profit. The Dow Jones index rose by 153 points or 0.5%. The S&P500 index also gained 0.5% and the Nasdaq index was up by 21 points or 0.2%.

Investors continued to assess progress on a stimulus deal with ongoing talks between US House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.

US House Speaker Nancy Pelosi said Democrats and the White House are closing in on an aid package, though the Republican-controlled Senate remains in favour of a smaller deal.

The Australian sharemarket is down by 0.3% at lunch, with technology stocks the lone improvers. Afterpay (APT) hit a fresh record high after announcing a partnership with Westpac (WBC).

Opposition to a sizable pandemic aid package hardened in the Republican-controlled US Senate. Shares of Apple (-2.6%), Amazon (-2%), Alphabet (-2.4%), Facebook (-1.7%) and Microsoft (-2.5%) all dragged on indexes. Oilfield services provider Halliburton (-0.7%) posted a fourth consecutive quarterly loss.

Shares in Pfizer rose 3.3% after it said it could seek authorisation for a vaccine it is working on in November. There was continued wrangling over a new pandemic relief package.

The number of Americans filing new claims for jobless benefits hit two-month highs last week. US House Speaker Nancy Pelosi told Democrats that a COVID-19 relief package won’t wait until January.

US sharemarkets fell on Wednesday after US Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.