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Wall Street on the rise with Pfizer vaccine update, optimal consumer data

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(Reuters) – Wall Street rebounded on Friday after three consecutive days of losses, following a positive update from Pfizer on the development of its COVID-19 vaccine and data showing stronger retail sales growth than expected last month.

FILE PHOTO: A Wall Street sign is visible outside the New York Stock Exchange, September 30, 2008. REUTERS / Lucas Jackson / File Photo

The action of drug manufacturers has strengthened by 2.6% as it plans to provide safety data and an authorization dossier for the vaccine it is developing with Germanys BioNTech SE, as soon as a safety step is reached. crossed during the third week of November.

US shares of BioNTechs jumped 3.2%.

The latest data showed retail sales in the United States rose more than expected in September, although a resumption of recession is at a crossroads as government money runs out and companies continue to lay people off workers.

The University of Michigans preliminary index on consumer sentiment for October stood at 81.2, ahead of the forecast of 80.5.

While the economic backdrop still shows we are emerging from recession, the U.S. consumer remains strong overall, said Quincy Krosby, chief market strategist, Prudential Financial in Newark, New Jersey.

However, if a stimulus package is not planned before or after the election, you could see a stabilization in consumer spending.

Trade on Wall Street this week has been driven by news of increased federal aid to help businesses and households recover from the impact of the COVID-19 pandemic, with the S&P 500 on track for its more small weekly earnings in three.

President Donald Trump and Democratic challenger Joe Biden will return to the election track with visits to three battlefield states, a day after the two candidates clashed from afar in televised duels.

Meanwhile, after a mixed start to the third-quarter earnings season from major Wall Street lenders, investors next week will look at the results of Netflix Inc, one of the tech mega-caps that have benefited from the demand to stay at home during the pandemic.

Analysts’ expectations for S&P 500 company earnings improved to an 18.8% drop from a 25% drop forecast three months earlier.

Six of the top 11 S&P sectors grew, with utilities and health growing the most. At 12:48 p.m. ET, the Dow Jones Industrial Average rose 209.97 points, or 0.74%, to 28,704.17, the gain of 12.59 points, or 0.36%, to 3,495.93 and The gain of 14.42 points, or 0.12%, to 11,728.45.

Kansas City Southern lost 2.1% as quarterly revenue for railroad operators missed estimates, while transportation and logistics company JB Hunt Transport Services Inc fell 8.5% after dropping missed profit estimates.

The Dow Jones Transport index fell 0.8%.

Schlumberger slipped 8% after the major oil services provider reported a third consecutive quarterly loss, pushing the S&P Energy Index down 0.5%.

Stay-at-home winner Peloton Interactive Inc fell 3.2% after recalling clip-on pedals on about 27,000 of its bikes following reports of laceration injuries. (bit.ly/3k5iexZ)

The rising issues nearly matched the declines in the NYSE, as they outnumbered the decliners by a 1.2 to 1 ratio on the Nasdaq.

The S&P Index recorded 49 new 52-week highs and no new lows, while the Nasdaq recorded 80 new highs and 12 new lows.

Report by Medha Singh and Shivani Kumaresan in Bengaluru; Edited by Shounak Dasgupta

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