The Nasdaq Composite rose 1% -- and hit an all-time high in the process. The Dow Jones Industrial Average fell 77.91 points, or 0.3%. The S&P 500, a better reflection of the overall market, rose 0.5%. That was pretty much the order of performance during the past three months, as the Nasdaq gained 31%, the S&P 500 rose 20%, the Dow Jones Industrial finished up just 18%. All this despite continued headlines about coronavirus spreading across the U.S. "The holiday-shortened week has been as bullish as it gets, so far, with three positive sessions in a row in the face of the scary COVID-related headlines," writes Gorilla Trades strategist Ken Berman.
The day didn't start off that way. Following good news about a Pfizer (PFE) vaccine and a better-than-expected manufacturing survey got the Dow off to a fast start, while the Nasdaq looked like it would be the laggard, But as the day progressed, investors pivoted to tech giants like Netflix (NFLX), which gained 6.7%, Facebook (FB), which rose 4.6% after days of getting hammered by ad boycotts, and Amazon.com (AMZN), which finished up 4.4%.
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