US STOCKS-Wall St rises as a result of Cisco and Disney, fuel helps optimism


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* Cisco, Disney gain ground after quarterly report

* Biden Aids Talk Targeted National Ban vs. COVID Ban

* Indexes: Dow 1.31%, S&P 1.14%, Nasdaq 0.61% (late update to noon, commentary, New York dateline adds, byline changes)

NEW YORK, November 13 (Reuters) – Wall Street took the ground on Friday with an upbeat earnings report and helped fuel optimism about the economy, as investors pitted against the hopes of successful COVID-19 vaccines. The cases carried the weight of an existing boom.

After a volatile trading week where the market was lured amid hopes and apprehensions around the virus, Cisco Systems Inc. led beneficiaries among the S&P 500, with house-to-house growth due to increased demand following its quarterly report Was seen

While the network gear maker jumped 7%, Walt Disney as its fast-growing video business grew 2%, and a partial recovery in its theme parks reduced its quarterly losses.

Tom Martin, senior portfolio manager at Global Investment in Atlanta, said the report helped investors see a current surge in virus cases and beyond the winter season.

“We know we’ve had some hard times ahead, but in the middle of 2021 you can potentially see that there is a recovery ahead of a vaccine and better treatment instead of coronovirus,” Martin said . “You are at that time of the year when people are starting to move in 2021.”

Martin also indicated that Modern Inc. mRNAO is close to releasing details of its vaccine progress, as the company said on Wednesday that there was sufficient data for an interim analysis before a late-stage trial of its experimental COVID-19 vaccine.

According to Martin, “Friday’s outperformance of up to 4%, including energy in economically sensitive sectors and up to 1.9% in industrialists, up to 0.5% in growth sectors like technology” was a sign of optimism around the economy. .

At 2:57 pm EST, the Dow Jones Industrial Average gained 398.05 points or 1.37% to 29,478.22, the S&P 500 rose 43.88 points or 1.24% to 3,580.89 and the Nasdaq Composite gained 91.81 points or 0.78%. 11,801.40 to Rs.

With the third quarter report released by about 90% of the S&P 500 companies, Refinitive IBES estimates that profit is now falling for the 21.4% downturn compared to 1% expected for October 1 last year.

Three major US stock indices fell on Thursday as more than a dozen US states reported a doubling of new COVID-19 cases in the past two weeks, with the Chicago Mayor issuing a stay-at-home advisory for a month Of.

But Joe Biden, a senior president-elect adviser, said there were no plans for a nationwide lockout next year and instead talked about restrictions for specific areas when the virus spreads.

Positive early data from a large vaccine study earlier this week prompted a rotation in cyclical areas and kept the S&P 500 and the Dow on track for their second weekly gain in a row.

However, the tech-heavy Nasdaq was headed for a weekly decline as investors reported gains in technology stocks that have benefited from the in-house living environment.

Meanwhile, Biden’s victory in Arizona on the battlefield expanded his electoral vote margin, but President Donald Trump’s refusal to maintain the official transition continues.

Growth stocks, currently consisting mainly of tech companies, are up 0.3%, while the value names, which currently include mostly cyclical stocks such as banks and energy, advanced 1.8%.

Reducing issues on the NYSE from a 4.44-to-1 ratio; On the Nasdaq, a favorable advisory of 2.49-to-1 ratio.

The S&P 500 posted eight new 52-week highs and no new lows; The Nasdaq composite recorded 67 new highs and 11 new lows. (Additional reporting by Stephen Kalp in New York, Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Saumyadev Chakraborty, Shaunak Dasgupta and Tom Brown)

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