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Dow ranks record high as cyclical increases in vacancy data



The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, USA, May 4, 2021. REUTERS / Brendan McDermid

The Dow Jones Industrial Average (.DJI) hit a record high on Thursday as economically sensitive stocks rose following an upbeat weekly jobless report, while vaccine manufacturers fell as President Joe Biden backed plans to waive patents on COVID-1

9 shots.

Cyclical sectors, including the S&P 500 economy (.SPSY) and industry (.SPLRCI), rose after a Labor Department report showed that initial statelessness claims amounted to a seasonally adjusted 498,000 for the week ending May 1, compared with 590,000 in the previous week. Read more

Investors are now awaiting a more comprehensive wage report, which is not a farm, on Friday for clues about the strength of the labor market and possibly the US Federal Reserve’s stance on monetary policy.

“Today’s reading is further proof that we are one step closer to full economic recovery, faster than some may have expected,” said Mike Loewengart, Chief Investment Officer at E * TRADE Financial.

“So as we see a serious momentum building on the job front, all eyes will be on how this plays into action taken by the Fed, if any.”

Shares in Pfizer Inc (PFE.N), Moderna Inc (MRNA.O), Johnson & Johnson (JNJ.N) and Novavax Inc (NVAX.O), all involved in the manufacture of COVID-19 vaccines, fell between 0, 2% and 1.7%. Read more

The falls were triggered after the White House said Biden made the decision to back a proposed exemption from COVID-19 vaccine intellectual property rights. Read more

The S&P 500 Healthcare (.SPXHC) fell 0.8%, while the Nasdaq Biotechnology Index (.NBI) fell 1.2%.

Moderna’s shares cut some losses after they said countries across the globe would continue to buy its COVID-19 vaccine for years, even if patents on the shots are waived. [nL4N2MT38S]

“Clearly, companies spend so much time and money protecting their trade secrets that I think it was a bit of a shock to many to see those kinds of proposals go through,” said JJ Kinahan, chief marketing strategist at TD Ameritrade.

Shares of highly valued technology-related stocks such as Microsoft Corp (MSFT.O), Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) traded mixed.

Kl. 12:16 ET rose the Dow Jones Industrial Average by 156.12 points or 0.46% at 34,386.46, the S&P 500 (.SPX) rose 10.64 points or 0.26% at 4,178.23 and the Nasdaq Composite (.IXIC ) fell 17.06 points or 0.13% to 13,565.37.

Among other stocks, Regeneron Pharmaceuticals Inc (REGN.O) rose 3.5% after the drugmaker reported a better-than-expected quarterly profit, saying it expects demand for its COVID-19 antibody treatment to stop. Read more

Uber Technologies Inc (UBER.N) fell 8.5% as it signaled it would pay drivers more to get cars back on the road and revealed a $ 600 million fee to give UK drivers benefits. Read more

Declining issues exceeded the number of advances for a 1.25-to-1 ratio on the NYSE and for a 2.17-to-1 ratio on the Nasdaq.

The S&P index recorded 100 new 52-week highs and no new lows, while the Nasdaq recorded 90 new highs and 126 new lows.

Our standards: Thomson Reuters Trust Principles.


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